Mastercard Collaborates with Ethiopian Minerals, Petroleum, and Biofuel Corporation to Digitize an E-commerce Platform
Mastercard recently announced a partnership with the Ethiopian Minerals Petroleum and Biofuel Corporation (EMBPC) that includes digitizing the corporation’s mineral e-commerce platform.
This is part of EMPBC’s strategic goals of providing market access and officially tunneling available minerals to the international market. EMBPC can diversify and expand its offering by utilizing Mastercard’s innovative Payment Gateway Solutions (MPGS).
The parties will collaborate on product development and standardization, promotion and marketing, training and capacity development, and technical advisory support in addition to providing EMPBC with the solutions needed to digitize their e-commerce platform.
“The partnership between Mastercard and EMPBC is the first implementation of an e-commerce platform solely focused on minerals in Ethiopia. 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,” says Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa, Mastercard. “Our long-standing partnership with the Ethiopian government brings us one step closer to meeting the goals set in the Digital Ethiopia 2025 strategy.”
Moreover, partnerships of this nature present numerous opportunities for fintech to engage in in-country e-commerce platform development. Notably, Eaglelion serves as the e-commerce platform developer for EMPBC, exemplifying the potential that such collaborations offer. In an ever-changing digital landscape, it is critical 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, increased safety and security, seamless transactions, convenience, and ease of use for all.
This is part of Mastercard’s commitment to connecting and empowering an inclusive, digital economy that benefits everyone, everywhere. This also contributes to 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. 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,” says Rahel Getachew, CEO of EMPBC.
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.