EthSwitch Celebrated the 10th anniversary of its establishment this week. Since its inception ten years ago, Ethswitch has handled ETB 26.6 billion in transactions and made ETB 87.3 million of profit in this fiscal year 2020/21, said CEO Yilebes Addis at the ceremony.
At the 8th shareholders general assembly meeting and 10th-anniversary ceremony EthSwith has recognized individuals for their contribution and congratulated the National Bank of Ethiopia, all Banks, Microfinance Institutions, Payment Instrument Issuers, Payment System Operators, Ethiopian Bankers’ Association, and participants in the payments ecosystem.
It is recalled that EthSwith – holder of the highest order of payment industry data security standard certification called PCI-DSS certified – has won a $2.33 Million Grant from African Development Bank for the modernization of electronic payments infrastructure back in March 2021. Ethswitch won the Grant after a series of competitive rounds in which 340 proposals from different African countries participated.
In the 2019/20 fiscal year alone Ethiopia’s National Payment Switch has facilitated a total of 27 million interbank ATM transactions worth over Birr 13 billion.
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