All 17 of the countrys retail banks are connected together via the unified payment system, financialit.net reports. EthSwitch was formed by all the banks in Ethiopia, with the support of the Ethiopian Bankers’ Association and the National Bank of Ethiopia. Following the implementation of the full SmartVista suite, all the banks’ payments are currently centralised.
The project brings interoperability to the country and as a result, clients of any Ethiopian retail bank may access services via all the ATMs in the country for cash withdrawals, make POS payments in any terminal and utilise cheque balancing. This has also enabled smaller banks to issue and acquire cards on their own and in addition benefit from outsourced processing.
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