Moneta Technologies and Visa pair up for e-commerce work

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Visa, which is one of the payments world’s most well-known brands, will now work alongside the Ethiopia-based Moneta Technologies as part of a new digital payments provision for banks and e-commerce sellers.
  • Visa will contribute its CyberSource infrastructure, while Moneta will provide its Amole eCommerce Gateway – and together, sellers should experience less friction and fewer problems, and find themselves able to accept global payments “from anywhere”.
  • A senior spokeperson for Moneta pointed out that Amole’s advanced digital payments infrastructure will help the company to address the demand in the Ethiopian B2B market.

Leading worldwide financial services organisation Visa has announced a new pairing with Moneta Technologies, an Ethiopian e-wallet provider.

The partnership will see Moneta’s Amole eCommerce Gateway launched to a wider audience using Visa’s CyberSource infrastructure.

The intention is for financial institutions and e-commerce sellers to be able to accept digital transactions and online money transfers with less friction.

Kenya will be covered by the new service as well as Ethiopia.

It will mean that banks given licences by card networks around the world will now be able to benefit from the Amole eCommerce Gateway.

Dashen Bank will be the first bank to adopt the Amole eCommerce Gateway.

This move means that Dashen will become the first acquirer of the three main global card networks Visa, Mastercard and American Express in the country.

In a statement, Yemiru Chanyalew, the founder and chief executive officer of Moneta Technologies, said that the new move would mean that e-commerce sellers using its platform could now take payments from any location.

Chanyalew said that it was only in recent years that the basics of digital payments were introduced to the East African nation.

“Today, with this partnership, we can accept digital payments from anywhere.”

“As recently as 2018, a developer or business owner in Ethiopia did not have the ability to accept online payments until Amole introduced its open API platform in July 2018,” he said.

He went on to add that one of the company’s major goals was to make the most of the pent-up demand caused by these years of barriers.

“We started Amole to become the payment and commerce platform to harness the great potential inherent in the B2B2C market that makes Ethiopia the sleeping giant,” he explained.

Moneta Technologies S.C. is owned by Fettan Holding and was founded in 2018.

For Visa, a spokesperson there said that the company was “very proud to partner with Moneta Technologies ‘Amole’ to ensure that the market enjoys a range of domestic and international benefits that will transform their e-commerce experience”.

To uncover more information about the latest features of providers in the world of international money transfers, just head over to our reviews pages and read more about what’s happening in the sector.


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