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 the 11th annual general meeting of EthSwitch. Solomon Desta, Chairperson of EthSwitch, attributed the success to the company's prudent expense management in a turbulent economic climate.

In addition, EthSwitch recorded a surge in its capital. As of June 30, 2024, the subscribed capital of the company stood at Birr 2.99 billion, with Birr 1.79 billion fully paid. This growth manifests the company further pouring strength within 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, and is an important player in the development of domestic payment systems in the nation and providing shared infrastructure for financial institutions in Ethiopia.

Source: The Ethiopian Herald and Fana BC