In a significant move towards modernizing Ethiopia’s financial landscape, Yagout, a leading fintech company, has entered into an agreement with ETHSWITCH, the national switch operator, to implement a comprehensive digital payment system. This partnership aims to revolutionize the way customers transact and businesses operate in the country.
The agreement allows customers to use any bank’s card through the ETHSWITCH network to make payments using Yagout Pay Posse, a convenient and secure platform. This integration not only benefits consumers but also empowers traders by offering them the Yagut Pay Pos service as an alternative to the POS tools provided by banks.
Teshome Alemayehu, CEO of Yagout Pay, expressed optimism about the partnership, stating, “We are committed to expanding our reach and providing seamless payment solutions to the people of Ethiopia.” He further revealed that the number of POS machines is expected to increase to 10,000 within the next year, a testament to the company’s ambitious growth plans.
Yagout Pay, founded just a year ago, offers innovative solutions such as smart and mobile payment-enabled POS and Pay Gateway services. These services enable individuals to process payments using their mobile phones and payment cards, making transactions more convenient and accessible.
The implementation of this digital payment system is a crucial step in the development of Ethiopia’s economy. By leveraging the expertise of both Yagout and ETHSWITCH, the partnership aims to drive financial inclusion, reduce cash dependency, and promote the growth of digital commerce in the country.
Alemayehu emphasized the significance of the agreement, stating, “This partnership is a testament to our commitment to empowering businesses and individuals with cutting-edge payment solutions. We are confident that this collaboration will pave the way for a more prosperous and digitally-driven economy in Ethiopia.”
As the country continues to embrace technological advancements, the Yagout-ETHSWITCH partnership represents a significant milestone in Ethiopia’s journey towards a cashless society. By providing a reliable and efficient digital payment infrastructure, the collaboration aims to unlock new opportunities for businesses and consumers alike, fostering economic growth and financial inclusion in the years to come.
