Zemen Bank launches Mastercard branded prepaid contactless travel card in Ethiopia.
Zemen Mastercard prepaid travel cards will enable cardholders to use cards with either of the two major currencies, namely U.S. Dollars and Euros, based on their travel destination.
Said to be the first contactless travel card issued in Ethiopia, the card allow customers to load up to 10,000 dollars or equivalent, depending on the purpose of travel. Zemen POS machines and most ATMs also accept contactless Mastercard cards.
"Our Bank is known for introducing banking technologies in the country and we are proud to again be the pioneer to issue the contactless prepaid travel cards in partnership with Mastercard," said Dereje Zebene, Chief Executive Officer of Zemen.
"We envision that this will pave the way for more e-commerce payments too, as customers are also able to book their flights and hotels using their cards," he added.
Zemen plans to work with Mastercard to issue cards for other currencies based on popular customer destinations, to add convenience and avoid currency conversion costs, according to its statement.
Founded in 2008, Zemen earned a net profit of 739 million Birr in the last fiscal year, while its paid-up capital has reached 1.8 billion Birr during the same period.