cbe

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
EUR
60.8824
62.1
,
CHF
61.0648
62.2861
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662
,
DKK
7.3921
7.5399
,
DJF
0.3158
0.3221
,
JPY
0.3396
0.3464
,
CAD
37.8192
38.5756
,
SAR
13.6041
13.8762
,
AED
13.8911
14.1689
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
33.4448
34.1137
,
SDR
,
ZAR
,
CNY
7.0913
7.2331
,
KWD
174.8588
178.356

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

GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
EUR
60.8824
62.1
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662

abay

USD
56.3677
57.4951
,
EUR
60.7418
61.9566
,
GBP
71.1248
72.5473
,
CHF
63.9815
65.2611
,
AUD
36.8476
37.5846
,
AED
15.3465
15
,
CNY
7.8307
7.9873
,
DKK
8.1483
8.3113
,
DJF
0.3157
0.322
,
INR
0.6783
0.6924
,
JPY
0.3753
0.3833
,
KES
0.3887
0.3965
,
NOK
5.365
5.4723
,
SAR
15.0294
15.33
,
ZAR
2.9677
3.0271
,
SEK
5.4037
5.5118
,
SDR
74.6759
76.1694

zemen

CAD
41.7892
42.625
,
EUR
60.8824
62.1
,
GBP
70.9853
72.405
,
SEK
5.4273
5.5358
,
USD
56.3778
57.5054

buna

nib

GBP
67.791
69.1468
,
EUR
60.8824
62.1
,
CHF
61.0648
62.2861
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762

berhan

wegagen

USD
56.1663
57.2896
,
GBP
67.9979
69.3579
,
EURO
60.9124
62.1306
,
CAD
37.9021
38.6601
,
AUD
33.5177
34.1881
,
CHF
60.8664
62.0837
,
SEK
4.8361
4.9328
,
NOK
4.6333
4.726
,
DKK
7.3141
7.4604
,
DJF
0.3128
0.3191
,
INR
0.6693
0.6827
,
KSH
0.3636
0.3709
,
JPY
0.3477
0.3547
,
SAR
13.4673
13.7366
,
AED
13.7552
14.0303
,
ZAR
3.1723
3.2357
,
CNY
7.0448
7.1857
,
KWD
172.7992
176.2552

dgb

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
CHF
63.9422
65.221
,
CAD
41.7892
42.625
,
AUD
36.9556
37.6947
,
SEK
5.4273
5.5358
,
NOK
5.3799
5.4875
,
DKK
8.1681
8.3315
,
DJF
0.3158
0.3221
,
INR
0.6794
0.693
,
KSH
0.3861
0.3938
,
JPY
0.3753
0.3828
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563
,
ZAR
2.9646
3.0239
,
CNY
7.8357
7.9924
,
KWD
183.0982
186.7602

enat

addis

nbe

dashen

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662
,
DKK
7.3921
7.5399
,
JPY
0.3396
0.3464
,
CAD
37.8192
38.5756
,
SAR
13.6041
13.8762
,
AED
13.8911
14.1689
,
EUR
60.8824
62.1
,
DJF
,
INR
,
KES
,
AUD
33.4448
34.1137
,
ZAR
,
CNY
7.0913
7.2331
,
KWD
174.8588
178.356
,
AED

oromia

USD
55.4509
56.5599
,
EUR
58.7724
59.9478
,
GBP
64.394
65.6819
,
SAR
13.3775
13.6451
,
CHF
59.3141
60.5004
,
AED
13.662
13.9352

lion

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
EUR
60.8824
62.1

coop

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563

gadaa

USD
56.3677
57.4951
,
GBP
67.9242
69.2827
,
EUR
60.7418
61.9566
,
AED
13.8886
14.1664
,
SAR
13.6016
13.8736
,
CHF
61.1023
62.3243

hijra

EUR
61.5525
62.7836
,
USD
56.0843
57.206
,
GBP
71.5355
72.9662
,
AED
15.2681
15.5735
,
CAD
41.9322
42.7708
,
SAR
14.9478
15.2468

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.