Ethswitch secures a 2.33 million dollars grant from African Development Bank (AfDB) for the modernization of electronic payments infrastructure. The payment operator won the grant after competing with 340 entities.
The fund is directed from the special fund of the Africa Digital Financial Inclusion Facility (ADFI), a pan African initiative that aims to boost digital financial inclusion for an estimated 332 million unbanked Africans.
The grant will be part of the over 15 million dollars investment required for the implementation of infrastructure & platforms, aimed at fundamentally transforming Ethiopia’s digital payment landscape enabling players in the payment ecosystem to conduct electronic transactions with instant settlements, according to Ethswitch.
“The Real-time Retail Payments Platform Project is Grand Project that will have a multiplier effect for all actors in the payments & digital finance industry as it enables efficient and instant transfer of funds and payments for commercial, humanitarian or safety net purposes,” said Yilebes Addis, CEO of Ethswitch.
Founded nine years ago with the primary objective of modernizing the national payments, Ethswitch is owned by all banks and several MFIs in Ethiopia. Its AfDB-funded new project will be implemented over a three year period.