ADDIS ABABA – Ethiopia’s National Switch (EthSwitch) disclosed that preparations are being finalized to implement national payment gateway system in all banks and financial institutions to ensure safe online transactions and digital inclusion.
The national payment gateway is the national modern digital payment strategy of Ethiopia which aims at promoting the use of digital payments among merchants and financial institutions as well as ensuring digital inclusion of the society, so stated Yile¬bes Addis, CEO of EthSwitch.
Speaking to the media regarding the successful completion of pilot testing of National Payment Gateway, he said the national payment gateway system helps the merchants and financial institutions to apply digital payment and safeguard transactions.
The platform equally serves all banks in an online interoperable payment system and securely transfers online payment data to the processor and it is working with all financial institutions to implement a digital domestic payment system, he expressed.
The platform boosts transaction, facilitates fast payment systems with low cost, enables digital service providers to make fast, secure online payment using channels and payment methods of cards, account, Alias, Wallet and QR, he noted.
EthSwitch has created interoperability between financial institutions and served as a central interconnector for clearing, settlement and shared platform, Yilebes said, adding national switch is progressing to start full scale implementation of the national payment gateway.
“The people can pay and buy online without cash during the transaction from anywhere by using smart phone and PC via card, QR, Wallet and account,” he noted.
This also improves banks’ capability to get onboard and helps merchant’s transactions with multiple payment methods and increase sales volume as well, the CEO stated.
Innovation and Technology State Minister Yeshurun Alemayehu (PhD) on his part said that the new payment system plays a significant role in the nation’s digital journey towards digital transformation, development and financial inclusion.
He mentioned that the National Payment Gateway platform is processing electronic finance enabling secured transactions across various channels and payment systems. A national digital strategy will ensure consumer rights, promote trust and confidence in the digital payment ecosystem.
“This initiative not only simplifies the payment process among businesses and individuals in the country, but also creates transparency of financial transactions,” Yeshurun said.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD TUESDAY 14 NOVEMBER 2023
