EthSwitch S.C. has reported a net profit of ETB 789,609,373. for the 2023/2024 financial year. Solomon Desta, Chairperson of EthSwitch, attributed the success to the company's prudent expense management in a turbulent economic climate. 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. Solomon pointed out that this success was driven largely by the government's focus on advancing the Ethiopian digital finance scheme.

Source: Ethiopian News November 14, 2024 19:30 UTC