Local issuance of Ethiopia's first credit card commences, marking the advent of a digital finance revolution, led by SanuPay and OpenWay.
The collaboration between SanuPay and OpenWay marks a significant milestone in Ethiopia's financial modernization and digital finance ecosystem. This partnership introduces Ethiopia's first locally issued domestic credit card, powered by OpenWay's Way4 platform - a comprehensive end-to-end digital payment solution.
SanuPay plans to issue four million debit and prepaid cards, along with an initial rollout of 5,000 Visa or Mastercard branded credit cards. Oromia Bank will be the first to issue the domestic credit cards and plans to launch a co-branded loyalty card in partnership with Sheba Mile, further enhancing customer engagement within the ecosystem.
The initiative aligns with the national Digital Ethiopia 2025 strategy and aims to contribute to financial inclusion, expansion of government e-services, and economic formalization in Ethiopia. It lays the foundation for a modern, interoperable, and inclusive payments ecosystem in the country.
The rollout includes the installation of 10,000 point-of-sale (POS) terminals and 200 ATMs nationwide, all integrated with the Way4 platform. SantimPay, a payment system operator licensed by the National Bank of Ethiopia, provides the secure local switching and processing infrastructure essential for enabling a cashless economy and ensuring interoperability between banks, ATMs, and POS terminals.
This collaboration accelerates Ethiopia’s shift from a largely cash-based system to a formalized, modern, and interoperable digital payments ecosystem. It positions Ethiopia to join the East African digital payments revolution and supports the National Bank’s vision of a cashless, connected economy by extending traditional digital payment tools in an evolving fintech landscape.
The partnership between SanuPay and OpenWay brings a scalable, compliant digital finance infrastructure to East Africa. Alfred Gachaga, CEO of SanuPay, stated that the collaboration with OpenWay brings a scalable, compliant digital finance infrastructure to East Africa. Plans to expand the SanuPay-OpenWay model into additional East African markets, including Kenya and Rwanda, are underway.
Ongoing developments in virtual cards, tokenization, and mobile wallet technology are part of the expansion plans. This initiative does not involve advertisements as stated and is poised to enhance credit access for small businesses and consumers in both urban and rural areas of Ethiopia. It serves as a pivotal moment in Ethiopia’s financial transformation and a scalable model for fintech-driven infrastructure development across the African continent.
[1] SanuPay and OpenWay Introduce Ethiopia's First Domestic Credit Card. (n.d.). Retrieved April 20, 2023, from https://www.sanupay.com/news/sanupay-and-openway-introduce-ethiopias-first-domestic-credit-card
[2] SanuPay and OpenWay Collaborate to Boost Ethiopia's Digital Payments Ecosystem. (n.d.). Retrieved April 20, 2023, from https://www.openwaygroup.com/news/sanupay-and-openway-collaborate-to-boost-ethiopias-digital-payments-ecosystem
[3] SanuPay and OpenWay Partner to Launch Ethiopia's First Locally Issued Credit Card. (n.d.). Retrieved April 20, 2023, from https://www.theafricareporter.com/151579/sanupay-and-openway-partner-to-launch-ethiopias-first-locally-issued-credit-card/
[4] Ethiopia's Financial Transformation: The Role of SanuPay and OpenWay. (n.d.). Retrieved April 20, 2023, from https://www.financialafrik.com/ethiopias-financial-transformation-the-role-of-sanupay-and-openway/
[5] Ethiopia's Digital Leap: SanuPay and OpenWay's Collaboration for a Cashless Economy. (n.d.). Retrieved April 20, 2023, from https://www.africabusinesscommunities.com/ethiopias-digital-leap-sanupay-and-openways-collaboration-for-a-cashless-economy/
[1] This collaboration between SanuPay and OpenWay brings a scalable, compliant digital finance infrastructure to East Africa, aiming to contribute to financial inclusion and economic formalization.
[2] The partnership introduces Ethiopia's first locally issued domestic credit card, serving as a pivotal moment in Ethiopia’s financial transformation and a scalable model for fintech-driven infrastructure development across the African continent.
[3] The initiative encompasses the expansion of virtual cards, tokenization, and mobile wallet technology, positioned to enhance credit access for small businesses and consumers in both urban and rural areas of Ethiopia. This leverages technology to modernize the payments industry, ultimately supporting the National Bank’s vision of a cashless, connected economy.
