Domestic Credit Card Launch in Ethiopia through SanuPay and OpenWay Partnership
In a significant move for Ethiopia's financial ecosystem, the UAE-based fintech company SanuPay has partnered with OpenWay to introduce the country’s first domestic credit card. Powered by OpenWay's Way4 platform, this partnership aims to provide access to credit cards and deploy over 10,000 POS terminals and 200 ATMs, marking a major step towards a modern, inclusive, and interoperable payments infrastructure in Ethiopia.
The Way4 platform, renowned for its 95% no-code configurability, has already seen success with Equity Bank and other African institutions. With its modular design and low-code configurability, it allows for fast deployment and adaptability, supporting Ethiopia’s evolving financial needs and regulatory compliance, setting the stage for long-term growth in digital payments.
The launch of the domestic credit card is expected to catalyze digital financial inclusion. Customers across Ethiopia will gain more digital payment options beyond mobile wallets, which had previously dominated but lacked comprehensive card infrastructure. Oromia Bank will be the first to issue the domestic credit cards and plans a co-branded loyalty card with Sheba Miles. SanuPay will issue 4 million debit and prepaid cards and 5,000 Visa and Mastercard credit cards.
The National Bank of Ethiopia supports this partnership through its payment system operator SantimPay, which will handle secure local transaction switching for the new credit card system. This partnership aligns with the National Bank’s aim to boost secure, efficient, and cashless transactions nationally, thus advancing Ethiopia’s digital economy ambitions.
SanuPay's expansion doesn't stop in Ethiopia. The company intends to expand this model regionally, facilitating next-generation payment ecosystems across Africa by collaborating with local fintech companies and leveraging global infrastructure. This partnership serves as a blueprint for other emerging markets seeking digital financial transformation.
The collaboration between SanuPay and OpenWay enables financial innovation by facilitating new card products in Ethiopia and supporting interoperable payment solutions. This encourages financial institutions and fintech players to innovate and better serve customers’ payments needs in a digital-first environment.
Hermann Mike, Regional Director of OpenWay, stated that Way4 enables Ethiopia's first domestic credit card and lays the foundation for a modern, inclusive, and interoperable payments landscape. Alfred Gachaga, CEO of SanuPay, stated that they have chosen the best-in-class solution for providing top-tier payment services in Ethiopia.
This partnership marks a significant step towards a digitized financial ecosystem in East Africa. SanuPay and OpenWay's collaboration is not only launching Ethiopia's first domestic credit card but also laying the foundation for a modern, inclusive, and interoperable digital financial ecosystem, accelerating the country’s digital transformation and financial inclusion efforts.
SanuPay is also working with partners in Kenya to modernize card processing, remittances, and cross-border payments. This partnership is set to revolutionize the financial landscape in Ethiopia and beyond, paving the way for a more inclusive and digital-first financial ecosystem.
[1] OpenWay Press Release: https://www.openway.com/news/openway-enables-ethiopia-first-domestic-credit-card-with-sanupay [2] SanuPay Press Release: https://sanupay.com/blog/sanupay-launches-ethiopias-first-domestic-credit-card-powered-by-openways-way4-platform [3] Fintech Africa: https://fintech.africa/2022/06/23/sanupay-launches-ethiopias-first-domestic-credit-card-with-openway/ [4] The Paypers: https://www.thepaypers.com/news/africa/sanupay-and-openway-launch-ethiopias-first-domestic-credit-card-with-way4-platform/1716544
- This innovative collaboration between SanuPay and OpenWay, by introducing Ethiopia's first domestic credit card, is poised to fostering growth in the local business and finance sector, leveraging technology for a modern, inclusive, and interoperable digital payments infrastructure.
- With the successful deployment of the Way4 platform in Ethiopia, SanuPay intends to expand its business model regionally, using technology to establish next-generation payment ecosystems across Africa, thereby encouraging financial institutions to innovate and better serve customers' needs in the digital age.
