MasterCard now accepted at Dashen Bank

Dashen Bank has begun accepting MasterCard in addition to Visa credit cards it began serving over two years ago. Dashen won the membership license from MasterCard one year earlier.
US based MasterCard has more than 100 million clients worldwide and 40 years of experience. It holds a 30% global market share.

MasterCard is one of the major credit cards used regularly by people in the United States, second only in name recognition and worldwide billings to Visa, according to information from MasterCard’s website. The credit card company claims it differentiates itself from Visa by targeting the middle class rather than tailoring service to high income clients.
Currently, the bank gives debit service only for Visa cards. Clients can withdraw up to 3,000 birr in cash and can buy goods and services of up to 5,000 birr a day.
The bank has over 15,000 visa card users in the country.

Dashen Bank generated close to 31 million dollars last year from its Visa card services, according to the bank report.
Visitors to Ethiopia possessing Visa electronic payment cards are able to withdraw money from their overseas accounts; but 89% of this transaction occurred at one of the 20 ATMs the bank installed in Addis Ababa and other major towns in the country, and were in local currency.

Dashen is a pioneer in entertaining international electronic payment systems using Visa. It also issues debit cards to its local clients, who can withdraw funds from their saving accounts through the automated machines.
The bank disclosed the total transaction value from its card acceptance network exceeded 120 million birr.

In the past Ethiopian fiscal year (2007/08) Dashen Bank registered record net profits of nearly 240 million birr; it makes the bank the most profitable private bank in the nation.
According to the Dashen Board of Directors annual report, the bank has secured a record profit of 332.5 million birr and paid a profit tax of 93.5 million birr which adds up to a net profit of 239.1 million birr during fiscal year ended on June 30, 2008. During the same period the bank collected 6.2 billion birr from deposits, a 26.6% boost when compared to the previous year performance, which was driven by over 20 percentage growth in depositors’ number. Its total branches had reached 47 excluding four foreign exchange bureaus. Dashen Bank came into existence on September 20, 1995, according to the commercial code of Ethiopia, 1960.The first founding members were 11 businessmen and professionals that agreed to combine their financial resources and expertise to form this new private bank, according to the bank website

By Muluken Yewondwossen

Capital

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