Yemriu Chanyalew, CEO of Moneta Technologies that owns "Amole," Ethiopia’s largest mobile eWallet platform. (Photo via @myamole/Twitter)
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Moneta Technologies “Amole” and Visa form Strategic Partnership to Expand Access to Digital Payments for Ethiopian Merchants and Banks
ADDIS ABEBA — At today’s event, Amole, Ethiopia’s largest mobile eWallet platform and Visa (NYSE: V), the global leader in digital payments, announced a strategic partnership and the launch of the Amole eCommerce Gateway, using Visa CyberSource infrastructure which supports digital payments for merchants and banks. Dashen Bank will be the first bank to use the Amole eCommerce Gateway making it the first Ethiopian bank to acquire all three major international cards (Visa, Mastercard and American Express).
With this strategic relationship, Amole and Visa will seek to eliminate barriers to regional and cross-border commerce and offer an expanded set of eCommerce capabilities to Amole merchants by enabling secure and convenient cashless payment solutions in Ethiopia and Kenya. Ethiopian banks licensed by international card associations can now use the Amole eCommerce Gateway to acquire international cards online on behalf of their merchants. The Amole eCommerce Gateway uses the Visa CyberSource infrastructure making it secure with fraud-monitoring systems to protect merchants from chargebacks.
“Today, with this partnership, we can accept digital payments from anywhere. As recently as 2018, a developer or business owner in Ethiopia did not have the ability to accept online payments until Amole introduced its open API platform in July 2018. We started Amole to become the payment and commerce platform to harness the great potential inherent in the B2B2C market that makes Ethiopia the sleeping giant,” said Yemiru Chanyalew Founder and CEO Moneta Technologies. The partnership will be a game changer for emerging Ethiopian exporters and online businesses along with Ethiopian Airlines logistics to fulfill Ethiopia’s aspiration to become the eCommerce hub of East Africa under the African Free Trade Agreement (“AfCFTA”). International payment receipt and cross-border international payment is now enabled, thanks to Amole.
Moneta becomes the first Fintech in Ethiopia to launch Visa CyberSource digital payment gateway for merchants and banks to drive cross-border eCommerce
Amole provides powerful APIs to help developers quickly build digital payments experiences online. With only a few lines of code, developers can create custom checkout experiences for Amole Wallet and Prepaid card. Other integrated features include, instantly send bulk transfers to Amole Wallets, online bill payments, airtime top-up, a marketplace of digital content, verify the identity of customers through verification APIs, and much more. Amole also supports localized payment channels, including mobile money, QR code, USSD, mobile app and Telegram Bot payments integrated to its mPOS platform at its 8000 merchants.
“Embracing digital payments and a potentially cashless society is where the future lies. Visa is investing more than ever in our global assets, infrastructure, and digital capabilities to reshape the future of commerce. For merchants, digital payments mean reducing costs associated with handling and losing cash and broadening their customer base as more and more people move away from cash. We are very proud to partner with Moneta Technologies “Amole” to ensure that the market enjoys a range of domestic and international benefits that will transform their e-commerce experience, said Abebe Girmay, Visa’s Country Lead for Ethiopia.
About Moneta Technologies
Moneta Technologies S.C. is a Fintech company, fully-owned subsidiary of Fettan Holdings, Limited of Kenya, the company is headquartered in Addis Ababa, Ethiopia. Moneta Payment solution is a secure and efficient payment platform that links consumers, banks, merchants, mobile content aggregators and service providers into an electronic payment ecosystem.
Moneta aims to deliver a collusive financial service to the unbanked and under-banked people of Ethiopia; enabling them access, aggregated financial services from their banks, service providers, agents and merchants at a single point of service. Our mission is to deliver an effective, efficient, reliable, accessible and secure payment system that is relevant to Ethiopia’s environment and fully supports the customer and the country’s needs.
About Visa
Visa (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to strive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit http://www.Visa.com
About Dashen Bank
Dashen Bank S.C. established on September 20, 1995 is the largest private bank and leading digital bank in Ethiopia, pioneered electronic banking in Ethiopia and is the only bank accepting the four payment card schemes (Amex, VISA, MasterCard, and UnionPay). For more information on Dashen, visit their website www,DashenBankSC.com.
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