BPC Banking Technologies, a Switzerland-based company, has launched a new SmartVista-based payments system, named EthSwitch S.C., in Ethiopia.
By Alex Hamilton |
BPC Banking Technologies has launched a new SmartVista-based payments system in Ethiopia.
The system, named EthSwitch S.C., will be utilized by all 17 of the country’s retail banks, and is “the first time” all of the institutions are linked together on one unified payments system. The launch has been backed by both the Ethiopian Banker’s Association and the National Bank of Ethiopia.
Interoperability was the name of the game, and as a result customers can now access their service from the ATM of any other bank in the country for cash withdrawals and make POS payments at any terminal.
“All connected member banks now benefit from interoperability as well as providing a new level of convenience and access to Ethiopian citizens, merchants, and organizations,” says Ato Bizuneh Bekele, CEO of EthSwitch S.C.
“As a result of our relationship with BPC Banking Technologies, it became obvious that the new system, powered by SmartVista, that the Ethiopian financial ecosystem will find new levels of efficiency, availability and accessibility while also significantly reducing the levels of cash usage.”
The new system integrates more than 1,500 ATMS and 13,000 POS terminals and enables 2.5 million cardholders across Ethiopia. The numbers are also expected to grow further, according to Bekele, as demand increases.
“As of today for the first time all the retail banks in the country are switched to our single processing platform acting as the central core for payments in the country,” adds Daryl Berg, Managing Director of BPC Banking Technologies’ Sub-Saharan Division.
“With interoperability delivered for the first time this will see transaction volumes continue to grow benefiting, consumers, banks and merchants.”
Source: IBS Intelligence
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