EthSwitch is a share company with equal investment by all private and public banks in Ethiopia established in 2011. It’s not privately owned but formed by all the banks in Ethiopia. It is supported by the Ethiopian Bankers’ Association and the National Bank of Ethiopia. It provides users with affordable, secure, & efficient e-payment infrastructure services. Its goal is to contribute to the modernization of the national payment system & enhance financial inclusion.
EthSwitch is PCI-DSS certified, the highest order of payment industry security standard certification. EthSwitch has handled ETB 26.6 billion in transactions and made 87.3 million birr profit in this fiscal year 2020/21. After competing against different African countries and 340 proposals, EthSwith won a $2.33 million grant from the African Development Bank to modernize the electronic payments infrastructure in March 2021.
EthSwitch will work with telebirr of Ethio Telecom to interoperate its service with other financial firms. This will allow telebirr to simplify transactions from banks to its platform and vice versa.