ET-Switch SC has launched a system which enables automated teller machine (ATM) card holders to withdraw cash from any ATM machine in Ethiopia.

ET-Switch which was established in 2011 has 16 banks as its shareholders and 80.5 million Birr of registered capital.

The newly launched scheme is said to enable an ATM card holder to use any ATM machine owned by any of the 16 banks for withdrawing money and checking balance.

According to Fortune the promoters are hopeful the system will avail convenience in banking transactions as well as payments.

The system has been piloted for three months before going operational. It has now made all banks’ online real-time and electronic banking solutions centralized.

Currently there are about 2000 ATMs in Ethiopia, most of them being in the capital Addis Ababa.

Source: Fortune