In a major milestone for Ethiopia’s financial sector, EthSwitch S.C., the national payment switch, has officially launched Ethiopay, a unified national brand that integrates all mobile and digital payment services under one recognizable system. The launch marks a critical step toward realizing the country’s vision of a cashless economy.
The inauguration ceremony, held at Friendship Park in Addis Ababa, brought together senior government officials, central bank representatives, financial industry leaders, and key technology sector stakeholders.
For years, Ethiopia’s digital payment landscape has been fragmented, with banks and mobile money operators running largely isolated systems. Ethiopay is set to change that by connecting commercial banks, microfinance institutions, and digital wallet providers through a single interoperable network.
Speaking at the ceremony, Solomon Desta, Deputy Governor of the National Bank of Ethiopia and Chairman of EthSwitch’s Board, described Ethiopay as a “national treasure built on cooperation.” He explained that the new brand will simplify the customer experience by replacing the confusing “Other Bank” option on mobile banking apps with a consistent, trusted interface across all platforms.
“Ethiopay is a national brand that allows customers to send and receive money between any financial institution with ease. It builds trust for service providers and convenience for users,” Solomon said. “Ethiopay is more than a logo — it represents the face of Ethiopia’s Instant Payment System (IPS), designed to enable fast, secure, and seamless digital transactions across all financial institutions in the country” he added.
He urged all financial institutions to incorporate the Ethiopay brand into their service channels and marketing platforms to ensure maximum adoption.
One of Ethiopay’s defining strengths is its speed. While interbank transfers once took hours — or even days — they can now be completed within seconds. Users can make payments using a short username or phone number rather than lengthy bank account digits. The system also supports payments through QR codes, regardless of the user’s bank or wallet provider. In a unique feature, senders can even attach photos or short videos with their transfers.
EthSwitch CEO Yilebes Addis said the innovation’s primary aim is social impact rather than profit.
“Our mission is to make life easier for our community. Ethiopay will take the country’s digital payment ecosystem to the next level by making it accessible to everyone, anywhere,” he stated.
By reducing entry barriers, EthSwitch hopes to expand financial inclusion and bring millions of unbanked Ethiopians into the formal economy. The platform is also expected to make remittances and local trade more efficient, improve cross-border transactions, and accelerate digital commerce.
EthSwitch currently connects all commercial banks, the National Bank of Ethiopia, and an expanding network of microfinance institutions. With the rollout of Ethiopay, transaction volumes are expected to surge significantly.
Industry observers note that this integration comes as Ethiopia experiences a historic shift, with peer-to-peer digital transactions projected to surpass ATM cash withdrawals for the first time by the end of 2024 — a turning point in the nation’s transition toward a digital-first economy.
