EthSwitch Booms with 592m Br Revenues


EthSwitch Booms with 592m Br Revenues

A consortium formed by all banks to integrate the national electroPerson-to-Personic payment system, EthSwitch has generated over half a billion Birr in revenues in its half-year performance at Skylight Hotel, Airport Road. The executive management and staff including CEO Yilebes Addis attended the meeting where the gross income of the company was registered at 437 million Br. EthSwitch facilitated 44 million interoperable ATM transactions with 58 billion Br value in six months. POS transactions worth two billion Birr were processed while 19 million interoperable Person-to-Person (P2P) transactions were recorded with a total value of over 121 billion Br. A host of services that will see their end before the year-end was announced by Abeneazer Wondwossen, director of the Program Management Office. Services like a real-time electronic payment infrastructure that enables immediate fund transfers between financial institutions and individuals will be launched, according to Abeneazer, while Shared Digital Wallet will fully be owned by the financial institutions and will be live with a couple of banks in the coming months. Editors' Note: The article was updated from its original form on January 23, 2024.

[ssba-buttons]

Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...