Bunna Bank SC Joins Visa International as Associate Member
Addis Ababa, Ethiopia – December 10, 2024 – In a significant advancement for the Ethiopian banking sector, Bunna Bank SC has officially become an Associate Member of Visa International.
During a launch ceremony held at Bunna Bank’s headquarter today; this collaboration was hailed as a milestone for the bank, marking a significant advancement in its digital strategy objectives. This strategic partnership will enable Bunna Bank to enhance its international payment solutions and expand access to a global financial network for its customers.
The collaboration with Visa International is set to provide numerous benefits, including seamless and secure transactions for customers, who will now have the convenience of using Visa’s extensive network of millions of merchants and financial institutions worldwide.
This initiative underscores Bunna Bank’s commitment to delivering top-tier financial services and innovative solutions.
To meet evolving customer needs, Bunna Bank has launched a comprehensive digitalization plan aimed at expanding payment options. This includes partnerships with various international payment systems, notably Visa International, which will allow the bank to offer a range of payment cards and accept international transactions.
The partnership is expected to contribute to the generation of additional foreign currency for Ethiopia by enabling Visa International acceptance at merchant locations. In line with directives from the National Bank, Bunna Bank has also begun issuing foreign currency payment cards for travelers, facilitating payments for education, tourism, and medical purposes. Customers can now withdraw foreign currency using their cards, enhancing convenience and security by minimizing cash handling.
Bunna Bank’s new Visa-certified payment cards support both contact and contactless transactions, making them suitable for domestic and international use. Customers can receive funds from abroad and easily deposit or transfer money using their payment card numbers. Additionally, the bank offers an alternative payment system for merchants, allowing them to accept Visa International cards at branches or nearby ATMs.
“We are delighted to become an Associate Member of Visa International,” said Ato Mulugeta Alemayehu, CEO of Bunna Bank SC. at the Bunna -Visa partnership kickoff ceremony held at the Bank’s HQ. “This partnership empowers us to deliver world-class payment solutions and aligns with our vision of establishing Bunna Bank as a leading financial service provider in Ethiopia. Our clients can now leverage the advantages of a globally recognized payment system, renowned for its security, reliability, and convenience.”
Ato Yared Endale, Country Director of Visa International, expressed enthusiasm about the partnership, stating, “Today we celebrate a significant milestone in the journey of Bunna Bank as we announce the launch of its Visa cards, marking a new era in digital banking solutions for the Ethiopian market. This launch is more than just the introduction of a new product; it’s a significant step forward towards a more inclusive and digitized financial ecosystem.”
The partnership will be rolled out in phases, beginning with the introduction of Visa debit and credit cards, followed by expanded services such as online and mobile banking solutions. This membership allows Bunna Bank to introduce a variety of Visa-branded products, featuring advanced capabilities like contactless payments, 24/7 global customer support, and competitive exchange rates for international transactions.
Joining Visa International positions Bunna Bank at the forefront of financial technology adoption, reinforcing its strategy to modernize services and infrastructure in response to the evolving needs of its customers. This development highlights Bunna Bank’s dedication to innovation and excellence in the Ethiopian banking sector.
Bunna Bank SC, known for its strong local presence and customer-centric approach, continues to strengthen its market position. The partnership with Visa International is a testament to its ongoing efforts to enhance customer experience and foster growth in both the local and international community.
As Bunna Bank SC embarks on this new chapter, it remains committed to providing exceptional banking services and supporting the economic well-being of its clients and the wider community.
