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.


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