EthSwitch S.C, Ethiopia’s National Switch transact 1.1 billion ETB in value through facilitating 136,380 million P2P payments and transfers in January 2022.
On October 2021, EthSwitch has announced the commencement of interoperability of Digital Wallet, Mobile & Internet Banking systems run by banks, Microfinance Institutions (MFIs) and E-money issuers, following the authorization from the National Bank of Ethiopia after successful pilot test.
According to EthSwitch, 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.
Peer-to-peer transactions are electronic money transfers made from one person to another through an intermediary, typically referred to as a P2P payment application.
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