cbe

USD
131.5086
134.1388
,
GBP
174.4955
177.9854
,
EUR
149.8277
152.8243
,
CHF
156.9823
160.122
,
SEK
13.4396
13.7084
,
NOK
12.8108
13.0671
,
DKK
19.7202
20.1146
,
DJF
,
JPY
0.8912
0.909
,
CAD
94.2697
96.1551
,
SAR
35.069
35.7703
,
AED
35.809
36.5252
,
INR
,
KES
,
AUD
83.7181
85.3925
,
ZAR
,
CNY
17.9542
18.3133
,
KWD
420.8198
429.2362

awash

abyssinia

abay

USD
132.9817
135.6413
,
GBP
180.9215
184.54
,
EUR
154.2986
157.3846
,
AED
36.2052
36.9293
,
ZAR
7.4811
7.6308
,
SAR
35.4561
36.1652
,
JPY
0.9125
0.9308
,
CHF
164.8669
168.1643
,
AUD
86.345
88.0719
,
CNY
18.5371
18.9079

zemen

CAD
99.0408
101.0216
,
EUR
155.998
159.118
,
GBP
173.9501
177.4291
,
SEK
14.0584
14.3396
,
USD
134.4019
137.0899

buna

USD
134.1009
136.7829
,
EUR
154.9901
158.0899
,
GBP
178.2021
181.7661
,
AED
36.192
36.9158
,
SAR
35.7075
36.4217
,
CAD
94.006
95.8861
,
AUD
64.239
65.5238
,
JPY
0.94
0.9588

nib

USD
133.7081
136.3822
,
GBP
184.2764
187.962
,
EUR
158.0028
161.1629
,
CHF
169.6587
173.0519
,
CAD
98.3147
100.281
,
AED
36.401
37.129
,
SAR
35.6498
36.3628

berhan

wegagen

USD
134.1927
136.8766
,
GBP
183.1731
186.8366
,
EUR
158.0522
161.2132
,
CHF
169.0023
172.3823
,
SEK
14.0366
14.3173
,
CNY
18.7333
19.1081
,
JPY
0.9259
0.9444
,
AED
36.5407
37.2715

dgb

USD
132.0724
134.7138
,
EUR
148.5321
151.5027
,
GBP
167.2316
170.5762
,
CHF
130.8214
133.4378
,
SAR
29.9468
30.5457
,
AED
35.8921
36.6099
,
CAD
79.1617
80.7449

enat

USD
133.1112
135.7734
,
EUR
150.8905
153.9083
,
GBP
175.6636
179.1769

ahadu

USD
133.6323
136.3049
,
GBP
180.1432
183.7461
,
EUR
154.5012
157.5912
,
CAD
94.4677
96.3514
,
SAR
35.0504
35.7514
,
AED
35.7909
36.5067

addis

USD
134.17
136.8534
,
EUR
157.3696
160.517
,
GBP
184.1205
187.8029
,
SAR
35.7729
36.4884
,
CHF
167.9855
171.3452
,
AED
36.5307
37.2613
,
KWD
0
0

dashen

USD
134.3246
137.0111
,
EUR
155.8165
158.9329
,
GBP
181.3382
184.965
,
CAD
87.848
89.6049
,
AED
33.0957
33.7576
,
SAR
32.4031
33.0512
,
CNY
16.8383
17.1751

oromia

USD
134.3633
137.0506
,
GBP
177.0371
180.5778
,
EUR
148.8611
151.8383
,
CHF
169.3299
172.7165
,
SAR
35.8263
36.5429
,
AED
36.5774
37.3089

lion

USD
134.0414
136.7222
,
GBP
180.27
183.8754
,
EUR
154.9538
158.0529

developmentbank

USD
132.3534
135.0005
,
GBP
181.3903
185.0181
,
EUR
155.8064
158.9226
,
CHF
166.9864
170.3261
,
SEK
13.913
14.1913
,
NOK
13.1139
13.3762
,
DKK
20.8812
21.2988
,
DJF
0.7413
0.7561
,
JPY
0.9195
0.9379
,
CAD
96.9906
98.9304
,
SAR
35.2914
35.9972
,
AED
36.0312
36.7518
,
INR
1.5443
1.5752
,
KES
1.0224
1.0429
,
AUD
86.9165
88.6548
,
SDR
172.5888
176.0406
,
ZAR
7.4931
7.6429
,
CNY
18.464
18.8332
,
KWD
433.5765
442.248

coop

USD
133.7406
136.4154
,
GBP
176.331
179.8576
,
EUR
151.4649
154.4942
,
AED
34.994
35.6938
,
SAR
34.2674
34.9528

gadaa

USD
134.1095
136.7917
,
GBP
165.8019
169.1179
,
EUR
152.1936
155.2375
,
AED
33.7659
34.4412
,
SAR
33.0073
33.6674
,
CHF
134.1436
136.8265

hijra

USD
132.1301
134.7727
,
EUR
148.063
151.0242
,
GBP
173.3231
176.7895
,
SAR
35.8505
36.5675
,
AED
36.6058
37.3379

amhara

USD
134.6599
137.3531
,
GBP
184.8746
188.5721
,
EUR
157.7541
160.9092
,
CAD
98.6086
100.5808
,
AED
36.6691
37.4025
,
SAR
35.9055
36.6236

tsehay

USD
132.8509
135.5079
,
GBP
169.2591
172.6443
,
EUR
148.836
151.8127
,
CAD
89.6864
91.4801
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
134.2875
136.9732
,
EUR
158.2847
161.4503
,
GBP
183.3293
186.9959
,
AED
36.5567
37.2879
,
CHF
169.2344
172.6191
,
SEK
14.0637
14.345
,
NOK
13.3285
13.5951
,
DKK
21.2131
21.6374
,
DJF
0.7521
0.7671
,
INR
1.5726
1.6041
,
JPY
0.9333
0.952
,
CAD
98.8062
100.7823
,
SAR
35.8062
36.5223
,
ZAR
7.6611
7.8144
,
CNY
18.7476
19.1226
,
KWD
439.9526
448.7517
,
KES
1.0374
1.0581

siinqee

USD
134.08
136.7616
,
EUR
157.015
160.1553
,
GBP
181.7173
185.3516
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
36.3332
37.0599

hibret

USD
133.2001
135.8641
,
GBP
175.1027
178.6048
,
EUR
156.2897
159.4155
,
AED
36.2617
36.9869
,
CAD
97.6111
99.5633
,
CNH
18.5821
18.9537
,
CHF
148.0209
150.9813

gohbetoch

USD
134.1805
136.8641
,
EUR
154.0142
157.0945
,
GBP
178.6217
182.1941
,
AED
35.7081
36.4222

zamzam

USD
132
134.64
,
GBP
177.072
180.6134
,
AED
36.2533
36.9784
,
EUR
149.748
152.743
,
SAR
35.3367
36.0434
,
CAD
95.625
94.5375
,
CHF
160.185
163.3887

nbe

JPY
0.9361
0.9454
,
KWD
442.2143
446.6364
,
CNY
18.8636
19.0522
,
ZAR
7.5564
7.632
,
XDR
185.8444
187.7029
,
EUR
158.4622
160.0469
,
AED
36.835
37.2033
,
SAR
36.0709
36.4316
,
AUD
88.4104
89.2945
,
CAD
99.0464
100.0369
,
USD
135.2875
135.4483
,
KES
1.0447
1.076
,
INR
1.5817
1.5976
,
DJF
0.7577
0.7804
,
DKK
21.2392
21.4516
,
NOK
13.4303
13.5646
,
SEK
14.2729
14.4157
,
CHF
169.3846
171.0785
,
GBP
185.6821
187.5389

binance

USDT
160.44
159.96

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.