Credit Card Debuts Locally in Ethiopia, Backed by Sanupay and OpenWay
Ethiopia's digital finance landscape is undergoing a significant transformation with the launch of its first domestically issued credit cards. This development enables local banks to issue credit cards linked directly to local currency accounts, thus expanding access to formal credit and facilitating more seamless digital transactions for both consumers and businesses.
Key features of this transformation include full interoperability between banks, automated teller machines (ATMs), and point-of-sale (POS) systems across Ethiopia, fostering a more connected and user-friendly payment infrastructure. The infrastructure is powered by OpenWay’s Way4 platform, which supports card issuance, transaction switching, mobile wallets, and acquiring services, facilitating end-to-end digital payment management.
SanuPay, a UAE-based payment processor, is leading the rollout, planning to issue 4 million debit and prepaid cards, along with 5,000 Visa and Mastercard-branded credit cards. They also plan to deploy 10,000 POS terminals and 200 ATMs nationwide. Oromia Bank is expected to be the first local bank to issue these domestic credit cards, with plans including a co-branded loyalty card, indicating growing local engagement with innovative digital financial products.
This initiative represents a significant step in diversifying Ethiopia’s financial ecosystem beyond mobile money platforms like Telebirr—which already has over 51 million users—but where credit card availability was limited. The new domestic credit cards enhance financial inclusion by offering more flexible payment options and integrating Ethiopia into the broader digital payment revolution in East Africa.
Overall, this launch signals Ethiopia’s ambition to modernize its financial system, improve credit accessibility, and build a formal, digitally enabled financial infrastructure that supports economic growth. The timing of the card's release coincides with Ethiopia's investment in broadening financial inclusion, marking a crucial layer in Ethiopia's growing digital finance landscape.
- The launch of Ethiopia's first domestically issued credit cards in the banking-and-insurance sector is set to foster collaboration within the industry, as local banks utilize technology provided by platforms like OpenWay’s Way4 for end-to-end digital payment management.
- As a part of the digital finance revolution in East Africa, the new domestic credit cards will bring increased access to finance and more flexible payment options for both consumers and businesses, thanks to financial technology (fintech) solutions such as SanuPay's debit and prepaid cards, POS terminals, and ATMs.
- The integration of data-and-cloud-computing strategies, like the one led by UAE-based SanuPay, is vital for Ethiopia’s economic growth, as it places the country on the forefront of financial innovation, ensuring a dynamic and interconnected financial industry that caters to its expanding digital finance landscape.
