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Mastercard & Cooperative Bank of Oromia’s Inclusive Financial Solutions

Cooperative Bank of Oromia
  • Cooperative Bank of Oromia and Mastercard partner to launch Coopbank Prepaid Mastercard and Community Pass, advancing digital and financial inclusion for Ethiopian farmers.
  • The initiatives aim to empower farmers and underserved communities, revolutionizing access to financial services and driving economic development in Ethiopia.

Cooperative Bank of Oromia and Mastercard announced an impressive partnership, unveiling two ground-breaking initiatives – Coopbank Prepaid Mastercard and Community Pass technology in Ethiopia – designed to significantly expand digital and financial inclusion for Ethiopia’s smallholder farmers.

Ethiopia’s financial sector has taken an impressive leap forward with the launch of Coopbank Mastercard and Community Pass – two initiatives driven by shared commitment to innovation and accessibility. Coopbank Mastercard offers international travelers a secure card management solution specifically tailored for international transactions ensuring ease and protection in global financial transactions. Prepaid Mastercard cards will allow users to make international online purchases conveniently and affordably from various digital platforms and e-commerce stores worldwide, offering access and convenience wherever Mastercard is accepted. An innovative mobile application provides transactions to be smoother than ever, offering efficient card management capabilities and contributing to regional economic development. Part of an overarching five-year strategic agreement between Mastercard and Cooperative Bank of Oromia aimed at expanding financial services and stimulating economic development within Oromia region, this initiative forms part of this plan.

Mastercard’s Community Pass technology represents an unprecedented step in digital inclusion efforts in rural and underserved areas, and currently exists across five markets globally with five million+ registered users. Community Pass’ Farm Pass digital service enables farmers and agricultural cooperatives to connect to agricultural market places and financial services remotely even in offline environments. Mastercard and the Cooperative Bank of Oromia have registered and delivered Farm Pass services to over 11,000 farmers, 16 farmer primary cooperatives, and 4 cooperative unions across Ethiopia. Platform’s transaction volume between smallholder farmers and primary cooperatives exceeded $1.4 Million with over 9,200 transactions enabled through Community Pass service. Cooperative Bank of Oromia plans on scaling and driving Community Pass adoption across coffee, barley, wheat and poultry value chains.

“With the launch of the Coopbank Mastercard and deployment of Community Pass, our collaboration with Mastercard will revolutionize how our customers experience our services. Leveraging the power of technology, we aim to address the unique needs of our customers from farmers to consumers and businesses, empowering them to thrive and contribute to the economy. As a digital-first bank, our collaboration reinforces our dedication to user-centric solutions and our commitment to innovative and cutting-edge services, offering our customers secure and adaptable financial tools for a seamless journey.  We are committed to staying at the forefront of innovation to meet the evolving needs of our customers,” said Deribie Asfaw, CEO of Cooperative Bank of Oromia.

“Our mission is to empower individuals, businesses, and communities across Ethiopia with innovative solutions that enhance financial inclusion, drive digital transformation, and ultimately improve lives. Our collaboration with the Cooperative Bank of Oromia supports Ethiopia in advancing economic development and achieving inclusive prosperity. This aligns with Mastercard’s vision of integrating one billion individuals into the digital economy through digital and financial inclusion initiatives. We are delighted to support Ethiopia in its journey of transformative growth and development and achievement of the Digital Ethiopia vision,” said Mark Elliott,  Division President, Africa at Mastercard.

Mastercard and Cooperative Bank of Oromia’s joint efforts demonstrate an impressive effort to have an enormously beneficial effect on millions of lives by driving economic inclusion and using technology to meet diverse population needs. Together they aim to lay a path to a prosperous economic future in Ethiopia.

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