Ethswitch S.C, the country's sole switch operator, enables the interoperability of digital wallet, mobile and internet banking system of commercial banks.
It is a move that will enable customers of commercial banks to instantly transfer funds from account to account between banks, a process that is used to take over a day before the commencement of the interoperability, which is already approved by the National Bank of Ethiopia.
So far, the interoperability is tested sucessfully at nine banks, including Commercial Bank of Ethiopia, Awash and Bank of Abyssinia and one microfinance institution, executing over 125,000 transactions worth 1.1 billion Br.
More banks, MFIs and digital wallet providers are on their way to complete their technical integration and testing, the company said in its statement today.
"It ultimately enhances the digital uptake by customers and increases financial institutions' resource mobilisation and customer services monetization capability," said Yilebes Addis, CEO of of Ethswitch, adding it wiill bring unprecedented flexibilities in conducting transfer and payments.