EthSwitch Lights Profitable Horizons


EthSwitch Lights Profitable Horizons

EthSwitch, the national switch operator,  has reported 534 million Br in gross profits, registering a growth of 172pc from last year during the general assembly meeting held at the Hilton Hotel on Menelik II Ave. National Bank of Ethiopia (NBE), with 16 commercial banks, established the company in 2011, with 80.49 million Br paid-up capital, providing a domestic card scheme with Ethiopay ATM card services, fraud monitoring, and international gateway services. Ethswich has facilitated  113.29 billion birr transactions during the year, raising its paid-up capital to 94.1.5 billion Br and its Earnings Per Share(EPS) by 137pc to 719.93 Br. CEO Yilebes Addis revealed plans by  Ethswitch to improve the quality of services and enhance regional and international payment networks. Solomon Desta, board chairman of Ethswiitch, also remarked that the company is working on revamping its strategies and undertaking several projects to improve its financial capabilities. The interconnection protocol facilitated by EthSwitch managed 71 million interoperable ATM transactions worth 89.7  billion Br processed which was an increase of 79pc from last year. Total revenues of the company had increased by 129pc to 606.5 million Br.

[ssba-buttons]

Radar

AMG Holdings Breaks Ground on Industrial Rail Link to Ethio-Djibouti Railway

AMG Holdings has launched construction on a 2.5-kilometer railway connecting its Sheger Industrial Park to the Ethio-Djibouti Railway's Endode Station. The Ethiopian-led project comprises 1.7 Kms of main track and 800 meters of side rail. Chief Project Manager Engineer Nigist Hailu said the line is expected to be completed within six months, facilitating the transport of raw materials and finished goods to Djibouti's port. More than 100 local workers have already joined the project, with addi...


Radar

Ethiopian Deposit Insurance Fund Achieves Full Q1 Collection Target

The Ethiopian Deposit Insurance Fund collected 2.08 billion Br in the first quarter of 2025. This meets 100 percent of the target and represents a 26.83 percent increase compared with the same period last year. The rise in premiums was attributed to higher deposits from member financial institutions. To date, the fund has collected a total of 15.93 billion Br in premiums from member institutions, with 14.51 billion Br coming from regular deposits and 1.42 billion Br from interest-free depo...


Radar

Oromia Bank, Ethiopian Airlines Introduce Fly Now, Pay Later via Milkii Digital App

Oromia Bank's Milkii Digital App, launched on May 3, 2025, has introduced a “Fly Now, Pay Later” service that lets customers book Ethiopian Airlines tickets using digital loans, with payments spread over six months after travel with 16.5 interest rate and allows customers to book flights upto 300,000 Br. Developed in collaboration with Ethiopian Airlines, the platform is part of a broader effort to expand digital finance and simplify access to services. The initiative seeks to enhance conven...