ADDIS ABABA – Arifpay, a private payment system operator (PSO) in Ethiopia, has joined the national payment switch of Ethiopia or EthSwitch.
The integration of Arifpay’s payment systems to EthSwitch was announced jointly by the two entities on Wednesday.
The entities say the partnership would help drive financial inclusion and optimize payment systems in the country.
The integration with EthSWitch will now provide Arifpay interoperability with the already-built network of the nation’s financial and payment industry.
“With the introduction of interoperable ArifPOS Smart devices, consumers in Ethiopia will have more options for everyday payments, and will no longer be limited to using their debit cards only at ATMs,” Bernard Laurendeau, CEO of Arifpay Fintech, said.
The partnership with EthSwitch was announced months after the commercial launch of Arifpay’s Point of Sale (POS) and Payment Gateway services.
The integration with EthSwitch, the fintech says, will enable customers to transact with any merchant from any bank through the national switch network.
CEO of EthSwitch, Yilebes Addis said his company “is proud to be at the forefront of initiatives that promote interoperability, financial inclusion and digital payments in Ethiopia”.
Last year, EthSwitch, a company owned by banks in Ethiopia, saw the banking sector process nearly 2.34 POS transactions worth 62.1 billion Birr.
Of these, EthSwitch facilitated 361,321 interoperable transactions, showing a 230% jump compared with the previous 2020/21FY.
“We are now excited to support the integration of ArifPay with EthSwitch,” its CEO Yilebes said.