Dashen Bank Introduces Virtual Mastercard for Online Payments
Dashen Bank has introduced four new digital services, including a Mastercard-branded virtual card for international online payments and a remote account opening feature using Fayda, significantly expanding the capabilities of its Super App ecosystem.
The announcement was made at the Addis Ababa University School of Commerce in Addis Ababa, where the bank also launched a TikTok content competition offering 6 million birr in prizes and a referral initiative targeting university students.
Virtual Mastercard Enables Global Online Payments
Developed in partnership with Mastercard, the Dashen Virtual Card allows customers to make secure online payments on international platforms such as Amazon, Alibaba, and Netflix. The card also supports receiving remittances directly into the virtual account.
According to Elfagid Aregahegne, Mastercard’s Vice President for Account Management in Ethiopia, Somalia, and Sudan, the solution reflects a global shift toward mobile-first financial services. The bank is also preparing to introduce contactless “tap-on-phone” functionality, allowing customers to make payments at POS terminals using tokenized digital cards.
Remote Account Opening Using Fayda ID
The new onboarding feature allows customers to open accounts remotely via the Dashen Super App using Fayda digital identity verification, eliminating the need for in-branch Know Your Customer (KYC) procedures.
Customers can create an entry-level account using only a mobile phone number, with additional services unlocked as identity verification levels increase.
Asfaw Alemu said the Super App has surpassed 2 million users within 15 months of launch, facilitating over 25 million transactions valued at more than 251 billion birr as of March 2026.
Local Technology Partnership and Creator Economy Strategy
The Super App was developed by EagleLion System Technology, whose CEO, Besufikad Getachew, stated that the platform goes beyond traditional banking by integrating lifestyle-oriented digital services.
To drive adoption among younger audiences, the bank has launched the Super App Creative Award, encouraging TikTok creators to produce videos demonstrating the app’s features. Videos generating more than one million views will qualify for public voting via a dedicated mini-app.
Prize awards include:
- 1st place: 3 million birr
- 2nd place: 2 million birr
- 3rd place: 1 million birr
Analysts note that the expansion signals intensifying competition in Ethiopia’s digital banking market as financial institutions accelerate innovation to capture younger, mobile-first customers.
Source EBR