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Ethiopia: All banks to switch to e-payment

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Saturday October 07, 2017 - 22:48:35 in Latest News by Ahmed Editor
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    Ethiopia: All banks to switch to e-payment

    All banks in Ethiopia are set to use a national e-payment switch, branded EthioPay, an official said on Saturday.Five of the 18 banks in Ethiopia have already begun using EthioPay banking service.

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All banks in Ethiopia are set to use a national e-payment switch, branded EthioPay, an official said on Saturday.Five of the 18 banks in Ethiopia have already begun using EthioPay banking service.

Bizuneh Bogale, Manager of EthSwitch S.C., told journalists on Saturday that the remaining banks will also begin using the national e-payment switch, to be powered by EthSwitch.

The introduction of this online payment system would help the country save payment which it pays in foreign currency for foreign companies to print VISA cards, including for the purchase of software, he noted.

Once EthioPay is in place in all banks, the country will not be required to pay for the card and software in foreign currency, Bizuneh said.

The system is expected to enable all banks in Ethiopia to electronically transfer funds and clear cheques between themselves.

This is in addition to sharing each other’s Automated Teller Machines (ATM’s).

The number of automated teller machine (ATM) card holders in Ethiopia has surpassed six million, data from the central bank revealed.

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