Mastercard and the Ethiopian Minerals Petroleum and Biofuel Corporation (EMBPC) have announced a partnership to digitize the corporation’s mineral e-commerce platform.
The partnership is part of EMPBC’s strategic objectives to provide access to the market and officially tunnel the available minerals to the international market.
Through Mastercard’s innovative Payment Gateway Solutions (MPGS), EMBPC can diversify and expand its offering.
In addition to providing the solutions required to digitize the e-commerce platform, the parties will collaborate on product development and standardization, promotion and marketing, training and capacity development, and technical advisory support.
“The partnership between Mastercard and EMPBC is the first implementation of an e-commerce platform solely focused on minerals in Ethiopia,” said Dimitrios Dosis, President of Eastern Europe, Middle East and Africa, Mastercard.
This is proof of our ongoing commitment to collaborate with governments, providing world-class digital solutions to partners in-market, and scaling up our relationship with financial institutions. Our long-standing partnership with the Ethiopian government brings us one step closer to meeting the goals set in the Digital Ethiopia 2025 strategy.
In addition to the above, partnerships of this nature create vast opportunities for fintechs to participate in in-country e-commerce platform development.
In an ever-evolving digital landscape, it is important for consumers and corporations alike to be included in the fold and experience the power and benefits of innovation.
A digital world means greater accessibility, added safety and security, seamless transactions, as well as convenience and ease of use for all.
This forms part of Mastercard’s commitment to connecting and empowering an inclusive, digital economy that benefits everyone, everywhere. This also supports Mastercard’s global commitment to bring 1 billion people and 50 million micro and small businesses into the digital economy by 2025.
“Despite various factors such as traditional methods of mining, Ethiopia’s present gemstone trade generates an estimated 20 million dollars in annual export transactions,” said Rahel Getachew, CEO of EMPBC.
With the digitization of EMPBC’s minerals marketplace, the gemstone sector is expected to triple in less than two years and grow to $500M in five years through the new e-commerce platform.
This partnership is another example of Mastercard’s collaboration with both the public and private sectors to develop national digital and financial inclusion strategies that provide solutions at scale.
