Switch Operator Executives Aspire 3b Br Capital

Mar 18 , 2023

Shareholders of EthSwitch decided to raise its capital to three billion Birr in the next five years during the general assembly held at Sheraton Hotel last week. Chaired by Solomon Desta, the National Bank representative, company executives plan to float some of the equity to new financial technology companies. The national switch operator has reported 221 million Br in gross profit last year, registering a growth of 153pc from the previous year. EthSwitch provides a domestic card scheme with Ethiopia ATM card services co-branding with banks. It has partnered with nearly a dozen banks, enabling customers to issue transactions from any bank. Under Yilebes Addis, the company generated 329.8 million Br in revenues last year, facilitating transactions worth 171 million Br. Several commercial banks and the central bank established the company in 2019, with 80 million Br capital. With commercial banks participating in the Post-of-Sale (POS) interoperability service as both acquirers and issuers, transactions accounted for close to 16pc of the total 2.3 million worth 62.18 billion Br last year, climbing by 230pc compared to the previous year.



A painting depicts traditional farming equipment at the Science Museum around the Arat Kilo area. Since the seizing of power by the current administration, large-scale architectural projects marked by grandeur have proliferated across the capital. The satellite city being built in the Yeka mountains, which is set to cost around 600 billion Br, according to the Prime Minister, is one such project yet to see the light of day. Some estimates put the plot size for the project at around 503hct despit...



A queue for diagnostics at the nation's largest state-owned hospital, Black Lion. As the health sector is largely funded by development partners from abroad, decreased support as donors shied away due to the war in the North has required the suspension of several new projects. Social health Insurance slated for next year was scraped due to a budgetary shortfall of five billion Birr. With the physician-to-patient ratio titering at around 1:30,000, queues in public hospitals are commonplace in Eth...



A street vendor puts up pepper for sale around the Lideta area. With agricultural produce accounting for the largest share of the nation's GDP at around 40pc, setbacks in the delivery of fertilizer have become a source of strife in rural Ethiopia. Only a third of the scheduled fertilizer of 1.3 million quintals has been distributed into the hands of farmers this year. This is despite the year being one in which the government claims to have met local demand for wheat and started exporting. Low p...