Ethswitch, the company managing Ethiopia’s payment system infrastructure, announced it has reached the final stage of connecting its domestic card schemes with 32 international card systems, including India’s rupee-based network, through a partnership with the Discover Global Network. To operationalize this major advancement in cross-border payments, Ethswitch has submitted a proposal to the National Bank of Ethiopia (NBE) to open a new “International Settlement Account” (ISA) and is awaiting approval.
Yilebes Addis, CEO of Ethswitch, told Capital in an exclusive interview that after more than a year of technical preparations, the linkage with international card schemes is ready to go live once the NBE approves the ISA. “We are currently waiting to open the International Settlement Account. As soon as we open the ISA, we will go live,” he said.
The ISA will enable Ethiopian payment cards to function seamlessly in India and 31 other countries connected through Discover’s network, while also allowing foreign currencies such as the Indian rupee to be accepted within Ethiopia. Currently, only a limited number of Ethiopian banks or institutions operating abroad can open correspondent or offshore accounts; Ethswitch’s proposal aims to establish a dedicated settlement account specifically for international card transactions.
“The new settlement account will allow for settlement of cross-border payments directly, whether received by card or other means, into an account opened in a foreign country,” explained Yilebes. The proposal, being a pioneering arrangement, is under evaluation by the National Bank.
This integration aligns with broader regional ambitions to enhance payment systems interoperability. The recent 2025 State of Inclusive Instant Payment Systems (SIIPS) report by the African Nanda Foundation cites ongoing discussions to integrate Ethswitch with continental projects such as the Pan-African Payment and Settlement System (PAPSS) and Ghana’s Interbank Payment and Settlement Systems (GhiPSS), along with an active card integration project involving the Central Bank of the United Arab Emirates.
Previously, Ethswitch signed a memorandum of understanding with India’s National Payment Corporation (NPCI) to enable digital payment interoperability through platforms like the Unified Payment Interface (UPI) and the Instant Payment Platform. Capital reported in November 2023 that Indian financial institutions and individuals with NPCI cards could already transact or withdraw funds using UPI in Ethiopia, and vice versa.
According to Yilebes, the National Payment Gateway approach will leverage Ethiopia’s developing digital payment ecosystem by linking bank accounts, credit and debit cards, and mobile money services. Opening the ISA will further facilitate the transfer of foreign currency funds into Ethiopian accounts through card and other payment channels, streamlining international trade, tourism, and investment.
