Ethiopia's National Switch (EthSwitch) is finalizing preparations for the nationwide implementation of a payment gateway system across banks and financial institutions.
The payment gateway, a modern digital payment strategy, aims to encourage digital adoption among merchants and financial institutions. EthSwitch, serving as an online interoperable payment system, collaborates with financial institutions to establish a digital domestic payment system, enhancing transactions and enabling secure online payments.
The CEO, Yilebes Addis, highlighted the initiative's goal of ensuring secure online transactions and promoting digital inclusion. He emphasized EthSwitch's role in creating interoperability and progressing toward full-scale implementation, envisioning a future of online transactions without physical currency. The CEO notes positive impacts on bank capabilities and increased sales volumes for merchants. The Innovation and Technology State Minister, Yeshurun Alemayehu, stated the significance of the new payment system in Ethiopia's digital transformation journey, emphasizing its role in development and financial inclusion. Alemayehu emphasized the platform's role in securing electronic transactions and the importance of a national digital strategy for consumer rights, trust, and transparency in financial transactions.
EthSwitch is a share company which is fully owned by all banks in Ethiopia. It was established in 2011 to provide e-payment infrastructure services to retail payment service providers. Since 2016, it has enabled interoperability of ATMs operated by all banks. Mastercard, on the other hand, is a global technology company in the payments industry which aims to connect and power an inclusive, digital economy by making transactions safe, simple, smart and accessible.
Source: The Ethiopian Herald
Additional source: 2merkato Archives