cbe

USD
124.0086
126.4888
,
GBP
152.3866
155.4343
,
EUR
128.3365
130.9032
,
CHF
134.1436
136.8265
,
SEK
11.0023
11.2223
,
NOK
10.7134
10.9276
,
DKK
16.8993
17.2373
,
DJF
,
JPY
0.7759
0.7914
,
CAD
84.628
86.3206
,
SAR
33.0073
33.6675
,
AED
33.7659
34.4412
,
INR
,
KES
,
AUD
75.3049
76.811
,
ZAR
,
CNY
16.6728
17.0063
,
KWD
394.889
402.7867

awash

USD
124.9998
127.4998
,
GBP
153.3074
156.3735
,
EUR
135.5371
138.2478
,
JPY
0.7393
0.7541
,
SAR
30.0824
30.684
,
AED
30.7258
31.3403
,
CAD
81.5563
83.1874
,
CHF
135.5787
138.2903
,
NOK
10.1355
10.3382
,
DKK
16.4011
16.7291
,
SEK
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY

abyssinia

USD
124.9695
127.4689
,
GBP
155.2371
158.3418
,
EUR
134.6304
137.323
,
AED
34.0275
34.7081
,
CHF
137.9507
140.7097
,
SEK
11.465
11.6943
,
NOK
11.1531
11.3762
,
CAD
87.2631
89.0084
,
SAR
33.3208
33.9872
,
CNY
17.1515
17.4945

abay

USD
125.2046
127.7087
,
GBP
155.9298
159.0484
,
EUR
129.9373
132.5361
,
AED
34.085
34.7667
,
ZAR
6.788
6.9238
,
SAR
33.3817
34.0493
,
JPY
0.8156
0.8319
,
CHF
137.4213
140.1698
,
AUD
78.6034
80.1755
,
CNY
17.13
17.4726

zemen

CAD
87.5705
89.3219
,
EUR
135.439
138.1478
,
GBP
156.3973
159.5252
,
SEK
11.5817
11.8133
,
USD
125.208
127.7122

buna

USD
125.0186
127.519
,
EUR
135.1011
137.8031
,
GBP
153.5302
156.6008
,
AED
33.3801
34.0477
,
SAR
32.6651
33.3184
,
CAD
85.5051
87.2152
,
AUD
64.239
65.5238
,
JPY
0.6597
0.6729

nib

USD
124.6005
127.0925
,
GBP
153.6191
156.6915
,
EUR
129.4954
132.0853
,
CHF
137.0215
139.7619
,
CAD
86.5973
88.3292
,
AED
33.9234
34.6018
,
SAR
33.2113
33.8755

berhan

USD
125.0167
127.517
,
EUR
135.4641
138.1734
,
GBP
157.2925
160.4384
,
CAD
87.1682
88.9116
,
AED
34.0348
34.7155
,
CNY
17.1075
17.4497

wegagen

dgb

USD
124.9495
127.4485
,
EUR
134.7765
137.4721
,
GBP
153.4114
156.4796
,
CHF
130.8214
133.4378
,
SAR
29.9468
30.5457
,
AED
36.7329
37.4675
,
CAD
79.1617
80.7449

enat

USD
125.3568
127.8639
,
EUR
135.9508
138.6698
,
GBP
155.5562
158.6673

ahadu

USD
125.0001
127.5001
,
GBP
154.3672
157.4545
,
EUR
135.5371
138.2478
,
CAD
58.8603
61.8033
,
SAR
21.7111
22.7967
,
AED
22.1751
23.2839

addis

EUR
135.3703
138.0777
,
GBP
155.388
158.4958
,
USD
125.055
127.5561
,
CHF
137.7713
140.5267
,
JPY
0.7998
0.8158

dashen

USD
125.0915
127.5933
,
EUR
135.6368
138.3496
,
GBP
153.784
156.8597
,
CAD
81.8096
83.4457
,
AED
30.8208
31.4372
,
SAR
30.1758
30.7794
,
CNY
15.6809
15.9945

oromia

USD
125.0562
127.5573
,
GBP
155.745
158.8599
,
EUR
129.8208
132.4173
,
CHF
137.0779
139.8195
,
SAR
33.3465
34.0134
,
AED
34.0456
34.7265

lion

USD
125.0988
127.6008
,
GBP
155.2902
158.396
,
EUR
133.6835
136.3572

developmentbank

USD
124.983
127.4827
,
GBP
154.504
157.5941
,
EUR
128.97
131.5494
,
CHF
136.9977
139.7377
,
SEK
11.446
11.6749
,
NOK
11.1308
11.3534
,
DKK
17.2929
17.6388
,
DJF
0.7
0.714
,
JPY
0.8212
0.8376
,
CAD
87.1447
88.8876
,
SAR
33.327
33.9936
,
AED
34.0256
34.7062
,
INR
1.4392
1.468
,
KES
0.9659
0.9852
,
AUD
78.3893
79.9571
,
SDR
162.8528
166.1099
,
ZAR
6.765
6.9003
,
CNY
17.1029
17.445
,
KWD
404.495
412.5849

coop

USD
124.8894
127.3872
,
GBP
138.0252
140.7857
,
EUR
135.1129
137.8152
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128

gadaa

USD
125.9402
128.459
,
GBP
157.65
160.803
,
EUR
137.1637
139.907
,
AED
30.607
31.2191
,
SAR
29.9522
30.5512
,
CHF
127.1777
129.7213

hijra

USD
126.5
129
,
EUR
133.8
136.5
,
GBP
153.9
157
,
SAR
33.8
34.5
,
AED
34.5
35.2

amhara

USD
124.9
127.398
,
GBP
155.4755
158.585
,
EUR
128.8468
131.4238
,
CAD
86.893
88.6309
,
AED
34.0077
34.6878
,
SAR
33.2756
33.9411

tsehay

USD
125.9729
128.4923
,
GBP
154.0817
157.1634
,
EUR
130.0158
132.6161
,
CAD
86.9537
88.6927
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
125.3753
127.8828
,
EUR
129.3748
131.9623
,
GBP
154.989
158.0888
,
AED
34.1325
34.8151
,
CHF
137.4277
140.1763
,
SEK
11.4819
11.7115
,
NOK
11.1657
11.389
,
DKK
17.3472
17.6942
,
DJF
0.7022
0.7162
,
INR
1.4438
1.4726
,
JPY
0.8238
0.8402
,
CAD
87.4183
89.1667
,
SAR
33.4316
34.1003
,
ZAR
6.7862
6.9219
,
CNY
17.1566
17.4997
,
KWD
405.7647
413.88
,
KES
0.9689
0.9883

siinqee

USD
124.9905
127.4903
,
EUR
137.9979
140.7579
,
GBP
159.6549
162.848
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
32.7831
33.4388

hibret

USD
124.91
127.4082
,
EUR
136.1399
138.8627
,
GBP
153.0143
156.0746
,
CHF
136.9177
139.656

gohbetoch

USD
125.4705
127.9799
,
EUR
129.5533
132.1444
,
GBP
151.1518
154.1748
,
AED
31.0391
31.6599

nbe

JPY
0.8181
0.8263
,
KWD
406.656
410.7225
,
CNY
17.183
17.3549
,
ZAR
6.809
6.8771
,
XDR
163.5968
165.2328
,
EUR
130.3399
131.6433
,
AED
34.1906
34.5326
,
SAR
33.4851
33.8199
,
AUD
78.847
79.6354
,
CAD
87.8638
88.7424
,
USD
125.5925
126.6171
,
KES
0.9698
0.9989
,
INR
1.445
1.4595
,
DJF
0.7034
0.7245
,
DKK
17.4754
17.6502
,
NOK
11.1555
11.2671
,
SEK
11.5525
11.668
,
CHF
137.8471
139.2256
,
GBP
156.4129
157.977

binance

USDT
146.45
145.8

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.