PSS grows significantly


Premium Switch Solution SC (PSS) initially formed by three private banks six years ago announced that it has registered significant growth in the past budget year. it has requested a plot at IT Park to invest in the IT sector.

The payment solution established by Awash International Bank, Nib International Bank, United Bank and three other private banks has been engaged in the operation in the past four years.

At the end of the past fiscal year 3.8 million transaction were processed on 370 ATM and 620 POS machines managed by the company.  According to Birhanu Getaneh, the outgoing board chairman of PSS, 5.2 million transactions has been undertaken in the past four years

Total transactions have reached 5.3 billion birr since the company started operation about four years ago.

Moges Geleta, CEO of PSS, told Capital that transactions are growing every year.

The number of POS cards reached 400,000 including over 173 thousand new cards distributed this year.

PSS formed with the aim of saving save significant cost by jointly investing in electronic infrastructure, according to Moges.

PSS was established with 30 million birr capital and now it has 165 million birr. It is also in the process of introducing new IT services in the future. Moges said that his company is in the process of joining the IT Park with its own building.

“We have a plan to invest in different IT sectors in the near future,” he said. “We also have plans to export the IT service sector,” Moges added.