EthSwitch S.C, Ethiopia’s National Switch announced the commencement of interoperability of Digital Wallet, Mobile & Internet Banking systems run by banks, Microfinance Institutions (MFIs) and E-money issuers in October 2021.
The interoperability enables customers of banks and MFIs & e-money issuers with digital wallet, mobile & internet banking & accounts to send funds from one institution to another.
The interoperability includes
- Transfers from bank account to bank account, wallet to wallet, wallet to bank account and,
- From bank accounts to wallet using internet based and USSD channels as well as smart phone applications.
Previously Ethswitch has enabled interoperability of ATMs and POS terminals operated by all commercial banks resulting in millions of transactions worth billions of birr in value every month.
The solution is led the rise in the amount of money flowing through the formal sector benefiting the financial industry’s effort in resource mobilization. This in turn will enhance the overall efficiency of the sector.
Ethswitch handled ETB 26.6B worth of transaction since its establishment 10 years ago and recorded ETB 87.3M in profit this fiscal year.
Source: EthSwitch
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