EthSwitch's instant payment platform processes over one million daily transactions
via The Reporter Ethiopia2 min read
EthSwitch, Ethiopia’s national payment switch, announced its instant payment platform, EthioPay-IPS, processed more than one million transactions in a single day, handling over five billion Birr. This achievement marks a significant step in Ethiopia's efforts to expand digital payments and financial inclusion. The milestone was reached as Ethiopia accelerates the modernization of its financial sector and the expansion of digital financial services, with reforms aimed at increasing interoperability among financial institutions. Digital transactions surpassed ATM withdrawals for the first time in 2024/25. EthSwitch, owned by the National Bank of Ethiopia and other financial entities, operates the national payments infrastructure. Yilebes Addis, chief executive of EthSwitch, stated that this threshold demonstrates growing demand for interoperable instant payment services. The EthioPay-IPS platform, built on BPC’s SmartVista technology, facilitates real-time account-to-account and wallet-to-wallet transfers, QR-code payments, and supports payments for utilities, taxes, and government services. Dahlak Yigezu, BPC’s country manager for Ethiopia, noted that this milestone reflects the continued expansion of the country’s digital payments ecosystem, highlighting the role of interoperable payment infrastructure in reducing cash dependence and broadening access to formal financial services.
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This summary was AI-generated from a story originally published by The Reporter Ethiopia.
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