Overview:
- Entities Involved: Cooperative Bank of Oromia (Ethiopia) and Mastercard.
- Agreement: New five-year strategic partnership aimed at boosting digital and financial inclusion in Ethiopia.
Key Initiatives:
- Coopbank Prepaid Mastercard:
- Purpose: Enables international travelers from Ethiopia to make global purchases online.
- Support: Accompanied by a dedicated mobile app for efficient card management.
- Community Pass Technology:
- Purpose: Facilitates service delivery for marginalized individuals and communities.
- Specific Use: Deployment of the Farm Pass digital service.
Farm Pass Digital Service:
- Function: Provides an agriculture marketplace and financial services, operational even offline.
- Current Reach: Extended to over 11,000 farmers, including 16 primary cooperatives and 4 cooperative unions.
- Impact: Facilitated over 9,200 transactions with a total volume of $1.4 million.
- Future Plans: Expansion within coffee, barley, wheat, and poultry value chains.
Statements:
- Deribie Asfaw, CEO of Cooperative Bank of Oromia:
- Emphasized addressing the unique needs of diverse customers.
- Highlighted the aim to provide secure and adaptable financial tools.
Additional Digital Transformation Efforts:
- CoopApp and CoopApp Alhuda: Launched through Temenos in March.
- Core Banking Engine: Powered by Temenos’ T24 since 2017.
Conclusion:
- Objective: Empower customers, including farmers, consumers, and businesses, to thrive and contribute to the economy through innovative financial tools and services.
