Mastercard Partners with the Ethiopian Minerals Petroleum and Biofuel Corporation (EMPBC)

• Partnership between Mastercard and EMPBC is aimed at digitizing EMPBC’s mineral e-commerce platform through leveraging Mastercard’s Payment Gateway Service (MPGS).
• This is set to digitize mineral trading, thereby increasing revenue and making the international trade process more seamless and efficient.
• Digitization and e-commerce are more beneficial for all partners involved in the value chain and ensures greater dividends for producers and exporters.

Ethiopia, 03 May 2023: Mastercard, in partnership with the Ethiopian Minerals Petroleum and Biofuel Corporation (EMBPC), recently solidified a partnership that includes digitizing the corporation’s mineral e-commerce platform. This forms part of EMPBC’s strategic objectives to provide access to market, and officially tunnel the available minerals to the international market. Through Mastercard’s innovative Payment Gateway Solutions (MPGS), EMBPC is able to diversify and expand their offering.

Over and above providing EMPBC with the solutions required to digitize their e-commerce platform, the parties will collaborate on product development and standardization, promotion and marketing, training and capacity development and technical advisory support.

“The partnership between Mastercard and EMPBC, is the first implementation of an e-commerce platform solely focused on minerals in Ethiopia. This is proof of our ongoing commitment to collaborate with governments, providing world-class digital solutions to partners in-market, and scaling up our relationship with financial institutions,” says Dimitrios Dosis, President of Eastern Europe, Middle East and Africa, Mastercard. “Our long-standing partnership with the Ethiopian government brings us one step closer to meeting the goals set in the Digital Ethiopia 2025 strategy.”

In addition to the above, partnerships of this nature create vast opportunities for fintechs to participate in in-country e-commerce platform development, of which Eaglelion is the e-commerce platform developer for EMPBC. In an ever-evolving digital landscape, it is important for consumers and corporations alike to be included into the fold and experience the power and benefits of innovation. A digital world means greater accessibility, added safety and security, seamless transactions, as well as convenience and ease of use for all. This forms part of Mastercard’s commitment to connecting and empowering an inclusive, digital economy that benefits everyone, everywhere. This also supports Mastercard’s global commitment to bring 1 billion people and 50 million micro and small businesses into the digital economy by 2025.

“Despite various factors such as traditional methods of mining, Ethiopia's present gemstone trade generates an estimated 20 million dollars in annual export transactions. With the digitization of EMPBC’s minerals marketplace, the gemstone sector is expected to triple in less than two years and grow to $500M in five years through the new e-commerce platform,” says Rahel Getachew, CEO of EMPBC.

This partnership is another example of Mastercard’s collaboration with both the public and private sectors to develop national digital and financial inclusion strategies that provide solutions at scale.