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NBE has removed minimum foreign currency requirements for opening FX accounts and scrapped travel document requirements, such as visas or airline tickets, for obtaining international cards.
Visa Inc. and Bank of Abyssinia have signed a five-year agreement aimed at expanding card issuance, introducing digital cards, and strengthening cross-border payment capabilities in Ethiopia.
The agreement builds on a longstanding partnership between the global payments network and one of Ethiopia’s largest private banks. Under the new arrangement, Bank of Abyssinia plans to at least double the number of Visa cards it has issued, which currently stands at about 3.5 million, over the next five years while expanding digital banking services connected to Visa’s payment infrastructure. The partnership also includes issuing cross-border cards that allow customers to use funds held in foreign currency accounts for merchant payments or online transactions.
“Though we previously issued international cards mainly for travelers, the recent relaxation of cross-border payment restrictions and foreign currency account rules will enable us to issue more cards,” Sosina Mengesha, Chief Digital Banking Officer at Bank of Abyssinia, told Reporters.
In addition, the agreement supports the rollout of digital cards that can be used for local online purchases, allowing customers to begin transacting immediately after issuance.
“Ethiopia is an important, rapidly evolving, and exciting market,” said Yared Endale, Cluster Head for Eastern Africa at Visa. “Through this agreement, the bank can leverage Visa’s infrastructure and technology to expand digital payments, while we also invest in human capital development and emerging technologies such as AI.”
Bank of Abyssinia has been increasing its investment in digital service channels in recent years. According to the bank’s 2025 disclosures, it operates more than 1,700 ATMs and over 3,600 point-of-sale (POS) terminals across the country. ATM transactions reached about 64.6 million, with a total value of roughly 96.8 billion Birr during the latest fiscal year, while POS transaction values exceeded 8.7 billion Birr. The bank’s network of virtual banking centers has also grown to nearly 50 locations.
The agreement comes amid fresh regulatory changes introduced by the National Bank of Ethiopia that are reshaping the framework for international card usage and foreign currency accounts.
A new directive has removed minimum foreign currency requirements for opening FX accounts, eliminated the need for travel documents such as visas or airline tickets to obtain international cards, and allowed advance payments of up to $20,000 for education or healthcare services abroad with supporting documentation. The reforms also allow service exporters to retain 100 percent of their foreign exchange proceeds in retention accounts indefinitely.
For payment providers, the changes could significantly expand the practical use of international cards. Banks are now permitted to issue internationally recognized cards to foreign currency account holders and load foreign currency based on the customer’s instructions, reducing a major barrier that previously limited who could access card-based payments for international transactions.
“This will increase demand and move card usage from convenience to everyday payments,” Yared told reporters.
Yared believes the reforms could have significant implications and expand the practicality of card usage tied to FX accounts. Ethiopians are increasingly paying for global digital services tied to learning, work, and entrepreneurship. Subscription-based software, cloud services, online advertising, and e-commerce tools are becoming essential for freelancers, startups, and small businesses.
According to Yared, the ability to make such payments legitimately using funds held in foreign currency accounts can enable Ethiopian professionals and companies to participate more competitively in the global digital economy.
Cross-border payments are also critical for families paying university tuition, medical expenses, or other services abroad. The new directive allows advance payments for education and healthcare services within defined limits, which could help reduce delays that previously disrupted such transactions.
Visa operates one of the world’s largest payment networks, connecting more than 14,000 financial institutions across over 200 countries and territories. In 2024, the network processed roughly $15 trillion in payment volume and more than 250 billion transactions.