Ethio telecom, in partnership with Visa Inc., has introduced Ethiopia’s first wallet-based Virtual Visa Card, along with services aimed at enhancing remittances through Visa Direct and telebirr Remit.
The agreement, signed between Ethio telecom and Visa Inc., marks a significant step in the expansion of digital financial services in Ethiopia. The new services include the Virtual Visa Card, which can be accessed via telebirr, and Visa Direct, a service that allows Visa cardholders worldwide to transfer money to Ethiopia using the telebirr virtual card number. This service enables both individuals and institutions to send money from over 190 countries, offering greater efficiency and lower fees compared to existing remittance options in the country. To receive funds via Visa Direct, users must register for the Virtual Visa service through the telebirr SuperApp and share the 16-digit card number with the sender.
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The telebirr Remit service, developed in-house by Ethio telecom, allows customers abroad to send money directly to a recipient’s telebirr mobile number using the Bank of Abyssinia Cyber Source payment gateway. The service currently supports remittances from nine countries: the United States, Canada, Israel, Saudi Arabia, the United Arab Emirates, the United Kingdom, South Africa, Italy, and Sweden, with plans for further expansion based on demand.
These developments are expected to broaden Ethiopia’s digital financial ecosystem by facilitating online cross-border payments, including for e-commerce, and contribute to the country’s shift towards a cashless society. Ethio telecom’s ongoing collaborations with Dashen Bank and the Commercial Bank of Ethiopia are also noted as part of the broader effort to advance digital financial services.
As of the 2023/24 Ethiopian Fiscal Year, Ethio telecom reported 47.55 million telebirr customers, underscoring the company’s role in promoting financial inclusion. The introduction of these new services is seen as part of the larger goal of achieving the vision of Digital Ethiopia.
