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Premiere Switch Solution S.C (PSS) celebrates its 5th year anniversary since commencing its operations, amassing over 20 fold profit in the past fiscal year compared to previous years.
The modern money platform launched by six private banks has announced in the 2016/17 fiscal year it was able to boost its activities in various fields.
After the general assembly held on Saturday September 30 at Hilton Hotel, PSS’ management and board announced the company has earned 10.4 million birr gross profit before tax, registering extraordinary growth compared to the preceding years.
Tsehay Shiferaw, Board Chair of PSS and president of Awash Bank, told Capital that the company is formed with the aim to collaborate putting competition at its baseline.
“At the time, it was difficult to think of banks working together but some banks agreed to form this company in order to share their costs and support each other,” Tsehay said.
“Now we are gaining positive results. Within a single year we have registered the biggest improvement that was ever seen in the first four years of the company’s operation,” the board head said.
“A year ago we concluded the fiscal year with a very minimal profit but the past year’s performance has been very impressive,” Tsehay said.
Since the banks expanded their ATMs and POS services, the company has been improving from year to year.
In the past one year PSS member banks have installed 258 new ATMs and 264 POS increasing the total ATMs to 566 and the POS to 887.
In the 2016/17 fiscal year PSS has earned 43 million birr as revenue, which has grown by 26 percent compared to the preceding year’s performance, according to Moges Geleta, CEO of PSS.
Moges said that a year ago the company earned half a million birr as gross profit, now it has reached 10.4 million birr.
“We have registered improvements on operation and finance. The fifth year performance cover 45 percent of the total success that we registered in the past four years,” the CEO said.
“The volume of business registered is a significant growth in the past one year,” he added.
In the 2016/17 fiscal year the company has dispersed 300,000 cards with a 70 percent growth compared to the 2015/16 fiscal year and 43 percent improvement compared with the past four years since the company commenced operations. Currently the total PSS card distribution has reached over 700,000.
In the past year over 4.8 billion birr worth of transactions or 5.4 million ATM activities were held under PSS scheme, according to the CEO. The ATM activity has grown by 45 percent, while the POS has increased by 50 percent.
On the current year the company has targeted to expand its activities in collaboration with member banks. “We have to encourage our clients to use card banking. To achieve this goal we will facilitate card customization, production and introduce additional new products,” Tsehay added.
PSS was initially established by three banks: Awash, Nib and United. Berhan International, Addis International and Cooperative Bank of Oromia joined the union at a later date.