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

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...