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Abyssinia Bank Exec Joins Fintech Firm

December 29 , 2018
By BEHAILU AYELE ( FORTUNE STAFF WRITER )

Yoseph Kibret, former chief information system officer of Abyssinia Bank

Premium Switch Solutions (PSS), the electronic solutions share company that operates the electronic payment systems of six banks acquired Yoseph Kibret, former chief information system officer of Abyssinia Bank, as its new CEO, effective January 1, 2019.

Before joining Abyssinia four years ago, Yoseph, who has a quarter century of experience in the financial sector, worked at Nib and Dashen banks. An information systems director while at Nib, he held various positions at Dashen.

He began his career at the Central Statistical Agency, participating in the 2007 national census, and was engaged in 25 national surveys before leaving the Agency after half a decade of service.

“We chose him given his ample knowledge and experience in the industry and technology,” says Tsehay Shiferaw, chairperson of Premium’s board and president of Awash Bank.

Following Yoseph's departure from Abyssinia, Daniel Hailu, formerly the vice president of Commercial Bank of Ethiopia’s Enterprise Program Management Office, was hired as chief information system officer.

Abyssinia also appointed the former vice president of Commercial Bank for internal service, Meseret Asfaw, as its chief enterprise services officer, replacing Demissew Abebe, who left the company two months ago.

“I left Abyssinia of my own will,” Yoseph, married and a father of four, told Fortune.

An enthusiast of the works of John Maxwell on leadership and Daniel Goleman on emotional intelligence, Yoseph has first degrees in statistics and accounting and a master's of science in computer science.

He replaced Moges Geleta, CEO of PSS since its inception in 2012. Moges resigned last September due to personal reasons, when Dawit Tefera, his deputy, took over as acting CEO.

It is during Moges’ time that PSS grew from integrating three banks to its current six. The firm was able to transact 7.1 billion Br last fiscal year, registering over 4.8 million individual transactions.

The first payment switch company with 146 million Br in capital and operating over 700 automated teller machines, PSS offers card personalisation, bank integration and transaction services.

“We are working on a strategic plan for the next five years,” Tsehay told Fortune. “We will sit down with the CEO and discuss how we can make the company a centre of fintech excellence.”

Yoseph agrees.

“I want to see PSS introduce new technology-based services to the industry,” Yoseph told Fortune.

Last month, Eth-switch, a consortium of 17 banks established to integrate the national electronic payment system, also appointed a new CEO, Yilebes Addis. Before joining Eth-Switch, Yilebes was the chief information officer of Kifiya Financial Technology.

Moges did not respond to text and phone inquiries of Fortune.

Yoseph Kibret, the CEO of PSS.

PUBLISHED ON Dec 29,2018 [ VOL 19 , NO 974]

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Abyssinia Bank Exec Joins Fintech Firm