Dashen Bank has forged a strategic alliance with Mastercard, introducing the revolutionary ‘Dashen Mastercard,’ a pioneering multi-currency international prepaid card, in a momentous development within Ethiopia’s financial sector. The announcement was made at a press conference held at the bank’s headquarters, signifying a significant leap in the country’s card-based financial services.
The Dashen Mastercard stands out by offering both physical plastic cards and virtual alternatives, affording customers unparalleled flexibility in choosing their preferred mode of payment for international transactions.
Key Highlights of the Dashen Mastercard:
- Dual-Interface Card: The card features a dual-interface plastic card, enabling customers to conduct both contact and contactless transactions at ATMs and point-of-sale (POS) terminals, thus enhancing payment convenience.
- Global Payment Access: Users can make cash withdrawals from ATMs, perform secure payments at POS terminals, and seamlessly make online purchases at any global merchant website that accepts Mastercard.
- Reloadable and Multi-Currency: The card is reloadable, allowing users to load funds as needed at forex bureaus. It supports multiple currencies, eliminating the necessity for separate foreign currency accounts, making it an ideal choice for international payments and travel expenses.
- Enhanced Security: To ensure maximum security, the Dashen Mastercard incorporates an added layer of protection by generating a One-Time Password (OTP) for each transaction made on e-commerce platforms, bolstering customer confidence and guarding against unauthorized use.
Mr. Asfaw Alemu, Chief Executive Officer at Dashen Bank, commented, “This innovative offering underscores Dashen Bank’s commitment to delivering convenient and secure financial solutions to our customers. The Dashen Mastercard empowers travelers with the freedom to manage their finances seamlessly while exploring the world.”
In conjunction with the card launch, Dashen Bank and Mastercard have also introduced the Mastercard Payment Gateway System, facilitating Ethiopian merchants with mobile apps or websites to accept international payments online. This advancement aligns with Ethiopia’s digital transformation strategy, enabling smoother cross-border transactions.
Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, stated, “Our partnership with Dashen Bank signifies a significant milestone in our efforts to collaborate with financial institutions in Ethiopia. We aim to leverage the power of our products and solutions to bring more people into the digital economy. We are proud to work with Dashen Bank to enhance access to financial services and develop innovative payment solutions for merchants and customers alike.”
The Dashen Mastercard is available to travelers aged 18 and above. Interested individuals can obtain the card by visiting any forex bureau and providing essential travel documents such as a passport, visa, and flight ticket during the application process. This groundbreaking initiative is set to redefine international payments for Ethiopian travelers and businesses, promoting financial inclusivity and global connectivity.
Photo Source: Google
By: Delino Gayweh
Serrari Financial Analyst
21st September, 2023
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