Switch Operator Flicks Lucrative Counts

Dec 2 , 2023

A switch operator under a consortium of six commercial banks, Premier Switch Solutions netted 41.4 million Br profits for the ended year, a 165pc increment from the preceding year. The operator managed to generate 268.9 million Br in revenues for the year. Its milestones were disclosed during an event held at the Hilton Hotel last week which saw the attendance of senior executives of Awash, Nib, Hibret, Berhan, Addis and Coop banks. Hailu Alemu, board chairman of the Company and president of Addis Bank, forecasted significant growth with the evolving policy framework and the adoption of innovative products moving forward. During the financial year, the switch operator incurred an expense of 130.3 million Br, provided 30,2 million ATM withdrawal transactions, and facilitated 201,497 purchase transactions valued at 376.7 billion Br from both local and international cards. Established in 2010, Premier Switch was created to save the high investment cost of modern payment platforms and deliver electronic payment services to financial institutions through a shared system. It commenced operation in July 2012, with 165 million Br capital. Yoseph Kibert, CEO of the switch operator, stated to shareholders that the new entrants in the market are being promoted following the development of an increasingly enabling regulatory framework crafted by the central bank to support stakeholders.