Ethiopia: EthSwitch Drives Over 92 Billion Birr in Interoperable Transactions

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EthSwitch, the national switch operator in Ethiopia entrusted with fostering interoperability among financial institutions, has disclosed a noteworthy achievement, facilitating interoperable transactions totaling 92.4 billion birr in the fiscal year 2022–23.

The predominant share of these transactions, reaching a count of 71.4 million, pertains to interoperable ATM transactions, amounting to an impressive 89.7 billion birr. This marks a substantial 79% surge compared to the preceding year. In the realm of point-of-sale (POS) transactions, EthSwitch registered 970,434 interoperable POS transactions, summing up to 2.6 billion birr.

Beyond these, peer-to-peer (P2P) transfer services, encompassing account-to-account, account-to-wallet, wallet-to-wallet, and wallet-to-account transactions, accounted for 14.1 million birr, reflecting an outstanding growth of 584% from the previous year.

EthSwitch, jointly owned by the National Bank of Ethiopia (NBE), financial institutions, and digital financial services providers, has achieved significant milestones in various areas over the past fiscal year. Solomon Desta, Board Chairperson of EthSwitch and Vice Governor of NBE, highlighted key accomplishments, stating, “The National Payment Gateway has received pilot authorization from the National Bank of Ethiopia, and the pilot phase is underway. The Instant Payment System and Shared Wallet System are in the final stage of the User Acceptance Testing (UAT) process.”

Furthermore, Solomon added, “The Shared Reconciliation project, a multi-tenant platform designed to enhance operational excellence in the day-to-day reconciliation process, has been launched and moved to a production environment for EthSwitch’s use.”

Looking forward to the upcoming fiscal year, EthSwitch is committed to focusing on delivering high-quality services, fortifying existing infrastructure, completing ongoing projects, and reinforcing international and regional (cross-border) payment collaborations.

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