Siinqee Bank, together with Premier Switch Solution (PSS), has officially launched the MasterCard prepaid card service in Ethiopia, marking a significant milestone in the country’s financial sector and furthering digital payment accessibility.
This strategic collaboration represents a breakthrough for Siinqee Bank, which becomes the first financial institution outside the PSS main network to issue prepaid cards bearing the internationally recognized MasterCard logo. The new prepaid card service is designed to enhance financial inclusion and encourage greater use of digital finance solutions across Ethiopia.
The MasterCard prepaid card provides a secure, globally accepted payment method, making it especially convenient for Ethiopians traveling abroad and for those requiring streamlined international transactions. As a contactless, prepaid option, it offers ease of use, security, and widespread acceptance that are expected to fill a critical gap in Ethiopia’s banking services, where comprehensive global payment options have historically been limited.
Siinqee Bank President, Nway Megersa, highlighted the bank’s commitment to digital transformation following its evolution from a microfinance institution to a full commercial bank. He emphasized that the launch of this new MasterCard service will position Siinqee as a formidable player within Ethiopia’s fast-growing technology-driven banking sphere.
“This partnership with MasterCard underscores our dedication to meeting the evolving needs of our customers through innovation and inclusion,” said Nway. “We are proud to pioneer this service beyond the traditional PSS main net banks and look forward to helping more Ethiopians engage fully in the digital economy.”
The collaboration with PSS, Ethiopia’s leading payment technology provider, further reinforces efforts to broaden the country’s digital financial ecosystem. The move aligns with national financial inclusion goals and represents a push to bring secure, efficient, and accessible payment options to a wider segment of the population. Industry watchers view Siinqee Bank’s introduction of MasterCard prepaid cards as indicative of a shift in Ethiopia’s banking sector, where private and mid-tier banks increasingly partner with global payment networks to offer sophisticated financial services. This trend is anticipated to catalyze further innovation and competition, benefiting consumers by expanding choice and convenience
