Ethiopia has taken a significant step toward modernizing its financial landscape with the launch of its first domestic credit card system. This groundbreaking initiative represents more than just a new payment method—it’s a strategic move to position the country within East Africa’s rapidly evolving digital payment ecosystem.
A Partnership Driving Innovation
The credit card system emerges from a collaboration between SanuPay, a UAE-licensed payment processor, and OpenWay, a Belgian software provider. Together, they’re deploying OpenWay’s Way4 platform to create a comprehensive payment infrastructure that promises to transform how Ethiopians handle financial transactions.
SanuPay’s ambitious rollout includes four million debit and prepaid cards, 5,000 Visa and Mastercard credit cards, 10,000 point-of-sale terminals, and 200 ATMs across the nation. Oromia Bank will be the first financial institution to issue these domestic credit cards, marking a historic moment for Ethiopian banking.
Building on Mobile Money Success
While Ethiopia’s mobile money platform Telebirr has achieved remarkable adoption since 2021—boasting over 51 million users and processing billions in transactions—credit cards have remained largely absent from the country’s financial ecosystem. This new initiative doesn’t replace mobile money but rather complements it, creating a more diverse digital finance environment.
The domestic credit card system offers full interoperability between banks, ATMs, and POS systems, all linked to local currency accounts. This infrastructure development addresses long-standing limitations in Ethiopia’s predominantly cash-based economy.
Catching Up to Regional Leaders
Ethiopia’s financial digitization efforts come as neighboring countries like Kenya have already established mature mobile and card payment systems. Kenya’s M-Pesa has long been the gold standard for mobile money in the region, demonstrating the transformative potential of digital financial services.
“We have selected the best-in-class solution to provide best-in-class payment services in Ethiopia,” said Alfred Gachaga, CEO of SanuPay. “Partnering with OpenWay and deploying Way4 enables a resilient, scalable, and compliant infrastructure that supports Africa’s digital financial transformation.”
Implications for Financial Inclusion
The introduction of domestic credit cards could prove particularly beneficial for Ethiopia’s unbanked and underbanked populations. By providing access to credit and digital payments through a locally-operated system, the initiative sidesteps the costs and limitations often associated with international payment platforms.
This development aligns with broader continental trends toward financial sovereignty and inclusion, as African nations increasingly seek to develop indigenous financial technologies that serve their specific economic needs.
Looking Forward
With central bank support and growing fintech partnerships, Ethiopia’s payment ecosystem is rapidly evolving. The domestic credit card launch represents just one component of a larger digital transformation that could reshape the country’s economic landscape.
As Ethiopia works to diversify its digital economy, this credit card system provides a foundation for more sophisticated financial services. The success of this initiative could serve as a model for other African nations seeking to balance innovation with local financial autonomy.
The launch signals Ethiopia’s commitment to joining the digital finance revolution while maintaining control over its financial infrastructure—a balance that could define the future of African fintech.
