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.
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