Dashen Bank launched electronic banking services for Union Card holders this week. This service is aimed to serve the increasing numbers of Union Card holders including the growing number of Chinese citizens in Ethiopia according to Lulseged Teferi President of Dashen Bank.

Dashen Bank is the first Bank in Africa to sign a partnership agreement with UnionPay said Lulseged. It is expected that agreement with UnionPay, which has over 2.5 billion clients worldwide, will significantly influence the growth of Dashen he explained.

The new service will be offered via Dashen Bank’s 90 ATM and 717 POS terminals according to Lulseged.

Dashen Bank already provides services for Visa and MasterCard users, making UnionPay the third card the bank has agreements with.

Speaking at an even held at the Sheraton Addis Hotel the President of Dashen explained that the bank earned 75 million US dollars from payment card services, last year. Dashen Bank currently has a total of 160,000 ATM card user clients although finding customers was difficult when the card payment system was launched in Ethiopia explained Lulseged.

In related news the President of Dashen Bank stated that the bank has no fear of liberalization. Dashen Bank is ready to compete with international banks if Ethiopia welcomes foreign banks in the bid for World Trade Organization membership said Lulseged.

Dashen Bank is confident of its experience in the Ethiopian banking sector and has no fear of completion from foreign banks he asserted.

Source: New business Ethiopia