Ethio telecom rolls out Ethiopia’s first-ever wallet-based Virtual Visa Card 

Addis Ababa, August 19, 2024 (FBC) – In its strong aspiration to go beyond basic connectivity services, Ethio telecom launched new international digital money transfer services in collaboration with VISA Company, world leader in digital payment technology, today.

Ethio telecom CEO, Ms. Frehiwot Tamru, and VISA Company Country Manager Yared Tadele signed the deal.

The signing of this strategic partnership agreement between Ethio telecom and VISA aimed at introducing the first wallet-based Virtual Visa Card in Ethiopia.

The agreement seeks to enhance the current international money transfer remittance services through the introduction of telebirr Remit App and Visa Direct, promising substantial improvements in the efficiency and security of money transfers.

Visa Direct service enables Visa cardholders in the globe to transfer money to Ethiopia using telebirr virtual card number.

This service allows both individuals and institutions to send money from over 190 countries, offering greater efficiency and lower service fees than the current remittance  service in Ethiopia.

To receive money from overseas via Visa Direct, customers must first register for Virtual Visa service using telebirr SuperApp and share the 16-digit virtual Visa card number with the sender, which will be received within one hour.

telebirr Remit service is designed to enable customers residing abroad to securely send money instantly to their friends and relatives’ telebirr mobile number using the Bank of Abyssinia Cyber Source payment gateway.

This is facilitated by installing the newly developed telebirr Remit App on their mobile devices. With this service, customers can receive remittances from nine countries, namely the United States, Canada, Israel, Saudi Arabia, the United Arab Emirates, the United Kingdom, South Africa, Italy, and Sweden, by sharing their telebirr mobile numbers.

It is anticipated that the service’s coverage will expand further in response to customer demand, incorporating additional countries over time.

It is indicated that this agreement enables customers to obtain a Virtual Visa Card number and presents enhanced alternatives to traditional remittance through Visa Direct and telebirr Remit.

Additionally, it extends the service by facilitating seamless online cross-border payments, including for e-commerce in the near future. This significantly broadens Ethiopia’s digital financial ecosystem and enhances the conveniences available to citizens, the official statement from the company pointed out.

These new services also aim to foster job creation and propel the transition towards establishing a cashless digital society, ultimately providing enhanced benefits to our valued customers.

Recall that the number of telebirr customers has reached an impressive 47.55 million in the 2023/24 Ethiopian Fiscal Year, highlighting company’s dedication to promoting financial inclusion and driving societal transformation.

Ethio telecom’ stated that its ongoing collaboration with Dashen Bank and the Commercial Bank of Ethiopia is propelling the advancement of digital financial services.

These collective efforts are pivotal in creating a more accessible and inclusive landscape for digital financial services, further amplifying our commitment to advancing the journey towards realizing the vision of Digital Ethiopia.