cbe

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
EUR
58.7184
59.8928
,
CHF
57.9363
59.095
,
SEK
4.5316
4.6222
,
NOK
4.6506
4.7436
,
DKK
7.1279
7.2705
,
DJF
0.3092
0.3154
,
JPY
0.3362
0.3429
,
CAD
37.1227
37.8652
,
SAR
13.3203
13.5867
,
AED
13.6031
13.8752
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
32.1139
32.7562
,
SDR
,
ZAR
,
CNY
6.8347
6.9714
,
KWD
170.5482
173.9592

awash

EUR
56.5106
57.6408
,
GBP
64.5257
65.8162
,
JPY
0.4037
0.4118
,
CHF
57.4629
58.6122
,
SAR
14.1527
14.4358

abyssinia

abay

USD
55.2124
56.3166
,
EUR
58.7184
59.8928
,
GBP
67.5358
68.8865
,
CHF
60.6663
61.8796
,
AUD
35.485
36.1947
,
AED
15.0311
15.3317
,
CNY
7.5522
7.7032
,
DKK
7.8761
8.0336
,
DJF
0.3092
0.3154
,
INR
0.664
0.6773
,
JPY
0.3715
0.3789
,
KES
0.3737
0.3812
,
NOK
5.1388
5.2416
,
SAR
14.7186
15.013
,
ZAR
2.946
3.0049
,
SEK
5.0073
5.1074
,
SDR
72.654
74.1071

zemen

CAD
41.0196
41.84
,
EUR
58.7184
59.8928
,
GBP
67.5358
68.8865
,
SEK
5.0073
5.1074
,
USD
55.2124
56.3166

buna

USD
54.778
55.8736
,
EUR
60.4201
61.6285
,
GBP
67.3216
68.668
,
AED
13.4962
13.7661
,
SAR
13.2148
13.4791
,
CAD
37.5106
38.2608
,
CNY
6.9339
7.0726
,
USD
7.3374
7.4841
,
EUR
4.7259
4.8204
,
GBP
60.0815
61.2831
,
AED
0.3485
0.3555
,
SAR
4.8953
4.9932
,
CAD
170.2997
173.7057
,
CNY
33.2543
33.9194

nib

GBP
64.4967
65.7866
,
EUR
58.7184
59.8928
,
CHF
57.9363
59.095
,
USD
55.2124
56.3166
,
CAD
37.1227
37.8652
,
AED
13.6031
13.8752
,
SAR
13.3203
13.5867

berhan

wegagen

USD
55.1843
56.288
,
GBP
65.3387
66.6455
,
EURO
59.0472
60.2281
,
CAD
37.1702
37.9136
,
AUD
32.2574
32.9025
,
CHF
58.7918
59.9676
,
SEK
4.4943
4.5842
,
NOK
4.6479
4.7409
,
DKK
7.1688
7.3122
,
DJF
0.3093
0.3155
,
INR
0.6629
0.6762
,
KSH
0.3749
0.3824
,
JPY
0.3382
0.345
,
SAR
13.3139
13.5802
,
AED
13.5955
13.8674
,
ZAR
3.1723
3.2357
,
CNY
6.8493
6.9863
,
KWD
170.6195
174.0319

dgb

USD
55.2124
56.3166
,
GBP
67.5358
68.8865
,
EUR
58.7184
59.8928
,
CHF
60.6663
61.8796
,
CAD
41.0196
41.84
,
AUD
35.485
36.1947
,
SEK
5.0073
5.1074
,
NOK
5.1388
5.2416
,
DKK
7.8761
8.0336
,
DJF
0.3092
0.3154
,
INR
0.664
0.6773
,
KSH
0.3737
0.3812
,
JPY
0.3715
0.3789
,
SAR
14.7186
15.013
,
AED
15.0311
15.3317
,
ZAR
2.946
3.0049
,
CNY
7.5522
7.7032
,
KWD
178.5845
182.1562

enat

USD
53.1422
54.205
,
GBP
62.1342
63.3769
,
CHF
0
0
,
SEK
0
0
,
NOK
0
0
,
DKK
0
0
,
KES
0
0
,
JPY
0
0
,
DJF
0
0
,
CAD
0
0
,
AUD
0
0
,
SAR
0
0
,
AED
0
0
,
ZAR
0
0
,
CNY
0
0

addis

nbe

KWD
126.8085
129.34467
,
CNH
5.6258
5.738316
,
ZAR
2.6751
2.728602
,
AED
9.9063
10.104426
,
SDR
57.7908
58.946616
,
EUR
48.4016
49.369632
,
CAD
28.7765
29.35203
,
AUD
28.3265
28.89303
,
JPY
0.3389
0.345678
,
SAR
9.7001
9.894102
,
INR
0.5525
0.56355
,
DJF
0.2234
0.227868
,
KES
0.3664
0.373728
,
DKK
5.8896
6.007392
,
NOK
4.2714
4.356828
,
SEK
4.3114
4.397628
,
CHF
41.5822
42.413844
,
GBP
53.539
54.60978

dashen

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
CHF
57.9363
59.095
,
SEK
4.5316
4.6222
,
NOK
4.6506
4.7436
,
DKK
7.1279
7.2705
,
JPY
0.3362
0.3429
,
CAD
37.1227
37.8652
,
SAR
13.3203
13.5867
,
AED
13.6031
13.8752
,
EUR
58.7184
59.8928
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY
,
AED

oromia

USD
53.3285
54.3951
,
EUR
56.7522
57.8872
,
GBP
64.2235
65.508
,
SAR
14.185
14.4687
,
CHF
57.398
58.546
,
AED
14.5198
14.8102

lion

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
EUR
58.7184
59.8928

coop

USD
55.208
56.3122
,
GBP
67.6574
69.0105
,
EUR
58.8131
59.9894
,
SAR
14.7182
15.0126
,
AED
15.0291
15.3297

gadaa

hijra

EUR
59.0833
60.265
,
USD
54.2297
55.3143
,
GBP
64.8713
66.1687
,
AED
13.3629
13.6302
,
KWD
168.8489
172.2259
,
SAR
13.3629
13.3481

Abyssinia Bank Visa CyberSource Solution Popularity in 2020

Addis Ababa, Ethiopia

Abyssinia Bank Visa CyberSource

Abyssinia Bank has been striving to spread its motto, “A choice for all” in as many sectors as possible, one of them being in payment solutions that help businesses accept payments across channels and geographies.

This occurs at a time when e-Commerce enterprises have been steadily expanding in Ethiopia over the past few years due to the country’s growing internet user base, increased use of mobile devices, and, to some part, COVID-19’s effects.

Despite it being in its premature stage, the e-commerce sector is expected to boom in the coming years, especially with the development of the ecosystem and the implementation of the Digital Ethiopia 2025 strategy.

Abyssinia Bank, having realized the necessity of payment gateways for these businesses early on, partnered with Visa CyberSource, a subsidiary of global payments technology powerhouse Visa, to process online payments and provide efficient online fraud management in the country. By doing so in August 2020, Abyssinia became the first bank to implement a payment gateway in Ethiopia.

Why Payment Gateways? According to Abyssinia Bank Answer…

 

Abyssinia Blog on how payment processors work

According to Abyssinia Bank’s blog, an e-commerce payment gateway is a service or solution that permits businesses to accept cards and other electronic payments online by encrypting sensitive personal information, such as debit, credit, or prepaid card numbers, to prevent fraud and protect the data from being intercepted by third parties.

It is mandatory for e-commerce businesses to have this service installed on their platforms to receive fees over the internet.

Despite the existence of a few other types of e-commerce payment solutions in the market, Visa’s CyberSource solution provided by Bank of Abyssinia (BOA) is the choice by many e-commerce businesses in Ethiopia right now, as per the Bank’s blog.

Of the many benefits a typical transaction transfer software provides, it:

  • Contributes to sales growth by enabling companies to accept card payments from clients who might not have access to other payment methods.
  • Decreases fraud by encrypting sensitive data and preventing third parties from accessing it;
  • Give companies useful information about their clients’ spending patterns and payment preferences

When looking at Abyssinia-led Visa’s CyberSource online payment solution in the Ethiopian market, the benefits include a variety of features that make online payments easy and secure, with fraud detection, transaction management, payment configuration, and customer support, to name a few.

Businesses can conduct refunds and returns using CyberSource’s services. Furthermore, it provides a range of statistics and analytics to assist organizations in efficiently tracking their payment processing operations. The primary features include:

  • Decision Manager: a powerful tool that helps businesses automate their fraud detection and prevention processes using AI, ML, and data from multiple sources.
  • Digital Invoicing: allows businesses to send invoice links directly to their customers through email or any other social media messaging apps and customers to pay their invoices online with a credit or debit card. This solution eliminates the need for a website as businesses can easily create payment links for customized or tailored price packages.
  • Tokenization: the process of replacing a customer’s payment data piece with a non-sensitive equivalent, known as a token, in order to keep and remember it. By substituting random numbers that have no meaning and cannot be exploited for fraud, this can be used to substitute personal information such as social security numbers, birth dates, and credit card numbers.
  • Virtual Terminal: this feature enables businesses or merchants to make payments just by possessing the customer’s payment information, absent the consumer. Additionally, the service enables companies to process card transactions without a physical point-of-sale (POS) terminal. However, it is reported that this feature was not active as of September 04, 2022.
  • Account Management: enables organizations to give various tasks and duties to staff members from various departments, resulting in a more precise and effective transaction process. Additionally, this tool gives business owners the opportunity to view all transactions, search for certain transactions, and filter transactions by status, enabling them to easily monitor their sales activity and evaluate the performance of their company.
  • Security: CyberSource’s security feature, known as 3-D Secure, is extremely sophisticated and intended to offer an additional degree of security to online card transactions. For cardholders making a transaction, it includes an additional authentication step. A one-time password (OTP) is also used, which is delivered to the cardholder’s cell phone, safeguarding both the cardholder and the merchant from unauthorized charges.

Abyssinia Bank Visa CyberSource Solution Testimonials

A testimony regarding this solution of Abysinnia Bank was forwarded by Deliver Addis, a food delivery e-commerce platform that allows customers to order meals from restaurants in Addis and have them delivered to their doorsteps.

Deliver Addis offers different payment options, such as mobile banking transfer, cash on delivery, and international debit/credit card payment, and has been a client of Abyssinia Bank’s payment platform since 2021.

According to Firehiwot Molalign’s statement to Abyssinia, Chief Finance Officer at Deliver Addis, the payment platform has enabled the firm to attract and retain customers who are using international cards. She also expressed her excitement upon learning that the Bank of Abyssinia has also started supporting local cards on the platform.

Many more businesses, FinTech companies, and banks, who sell goods or services online stand to benefit from this solution. Plus, Abyssinia Bank has been issuing domestic e-commerce-enabled cards and is now finalized to go live for an online payment solution in local currency, in addition to using international cards with a foreign currency. A team at the company is also on standby to assist businesses with the integration of the payment gateway API.

For more information, use Abyssinia Bank’s toll-free number, 8397, or stop by the bank’s head office to speak with a representative regarding the integration procedure, service payments, and the whole e-commerce payment system.