EthSwitch conducted its 11th Annual Shareholders Meeting at Hilton Addis on November 12, 2024. At the meeting, it was announced that the Company achieved excellent overall performance, operations, revenue generation, and project execution.
In the 2023/24 fiscal year, the banking industry made 94.5 million interoperable ATM transactions, amounting to ETB 123.2 billion. Compared to the previous year, this showed an increase of 32 percent. Regarding POS, a total of 2.1 million interoperable POS transactions worth ETB 5.7 billion were made, an increase of
125 percent from last year. In addition, P2P transfer service from one bank account to another with a total of 49.69 million transactions was made which amount to ETB 270.7 billion, showing a growth of 251 percent compared to last year.
In the ended financial year, the financial performance indicates that the company’s net profit before tax was Br 1,055,312,826, which showed a 97 percent increase compared to the previous year’s performance.
EthSwitch appreciated participants who have achieved outstanding performance in the inter-bank transaction service during the financial year 2023/24. The main purpose was to recognize those who have contributed to the interoperable transactions in ATM, POS, and P2P services.
#EthSwitch
In the 2023/24 fiscal year, the banking industry made 94.5 million interoperable ATM transactions, amounting to ETB 123.2 billion. Compared to the previous year, this showed an increase of 32 percent. Regarding POS, a total of 2.1 million interoperable POS transactions worth ETB 5.7 billion were made, an increase of
125 percent from last year. In addition, P2P transfer service from one bank account to another with a total of 49.69 million transactions was made which amount to ETB 270.7 billion, showing a growth of 251 percent compared to last year.
In the ended financial year, the financial performance indicates that the company’s net profit before tax was Br 1,055,312,826, which showed a 97 percent increase compared to the previous year’s performance.
EthSwitch appreciated participants who have achieved outstanding performance in the inter-bank transaction service during the financial year 2023/24. The main purpose was to recognize those who have contributed to the interoperable transactions in ATM, POS, and P2P services.
#EthSwitch
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Payment Instrument Issuer Directive.pdf
10.3 MB
NBE issued a directive that repealed Directive No. ONPS/09/2023.
The directive increases the minimum capital requirement from 50M to 100M and introduced changes to the maximum daily electronic account balance and maximum daily transaction for Level 2 accounts.
It also introduced limits to a maximum daily P2P transfer for Level 2 accounts and a maximum daily person to merchant electronic (including mobile banking) transfer using a standardized Ethiopian QR Code payment system.
The most consequential change is that the directive makes #interoperability mandatory, i.e., payment instrument issuers (PIIs) are now required to "enable their users to send and receive electronic money to and from other payment instrument issuers (wallet-to wallet interoperability) through the national switch or other licensed operator".
Interoperability otherwise than through the national switch (i.e., #EthSwitch) or other licensed switch operator is outlawed.
@PatternFin
The directive increases the minimum capital requirement from 50M to 100M and introduced changes to the maximum daily electronic account balance and maximum daily transaction for Level 2 accounts.
It also introduced limits to a maximum daily P2P transfer for Level 2 accounts and a maximum daily person to merchant electronic (including mobile banking) transfer using a standardized Ethiopian QR Code payment system.
The most consequential change is that the directive makes #interoperability mandatory, i.e., payment instrument issuers (PIIs) are now required to "enable their users to send and receive electronic money to and from other payment instrument issuers (wallet-to wallet interoperability) through the national switch or other licensed operator".
Interoperability otherwise than through the national switch (i.e., #EthSwitch) or other licensed switch operator is outlawed.
@PatternFin
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