EthSwitch S.C. has reported a net profit of ETB 789,609,373. for the 2023/2024 financial year.
The announcement was made on November 12, 2024, during EthSwitch’s 11th annual general meeting. Solomon Desta, Chairperson of EthSwitch, attributed the company’s success to its prudent expense management in a turbulent economic climate.
In addition, EthSwitch recorded a surge in its capital. As of June 30, 2024, the company’s subscribed capital stood at Birr 2.99 billion, with Birr 1.79 billion fully paid. This growth manifests the company’s further strengthening of Ethiopia’s digital payment platform and improvements related to interoperability between financial institutions.
Revenue from operations soared to Birr 1.13 billion, which is an 86% increase compared to the 2022/2023 fiscal year. Solomon pointed out that this success was driven largely by the government’s focus on advancing the Ethiopian digital finance scheme.
EthSwitch is fully owned by Ethiopian commercial banks, both private and public. It is an important player in the development of domestic payment systems in the nation and provides a shared infrastructure for financial institutions in Ethiopia.
Source: The Ethiopian Herald and Fana BC
