The benefits of the EthSwitch and Arifpay integration through interoperability

Arifpay and EthSwitch integration paves the way for financial inclusion in Ethiopia

Arifpay, a leading Payment System Operator (PSO) in Ethiopia, has announced its integration with EthSwitch, the National Payment Switch of Ethiopia, in a move that marks a major milestone in the country’s payment industry. This partnership is set to bring numerous benefits to customers, merchants, and banks, and will drive financial inclusion and optimize payment systems in Ethiopia.

For customers, this integration means they will be able to transact with any merchant from any bank through the EthSwitch network, providing greater convenience and ease of use. For merchants, it means they will only need to carry one ArifPOS device, instead of many POS devices from different banks, and will benefit from value-added services available through the platform from Arifpay’s commercial partners. For banks, this means they can finally focus on their products and not deploy resources on payment operations, allowing much greater deposit mobilization, both in local and hard currency.

The integration between ArifPay and EthSwitch is of significant importance for the national economy of Ethiopia. Here are some reasons why

1. Increased Financial Inclusion: One of the key benefits of this integration is increased financial inclusion. By allowing customers holding any Ethiopian bank card to make payments using ArifPay’s POS terminals, more people in Ethiopia will have access to modern financial services. This will help to bring more people into the formal economy, which will support economic growth.
2. Improved Payment Efficiency: With this integration, customers will be able to make payments quickly and easily using ArifPay’s POS terminals. This will help to reduce transaction times and eliminate the need for physical cash, which will make the payment process more efficient and secure. This increased efficiency will help to support economic growth by enabling businesses to process transactions more quickly and cost-effectively.
3. Enhanced Interconnectivity: By linking ArifPay with EthSwitch, there will be greater interconnectivity within the Ethiopian financial system. This will help to promote more seamless transactions between different financial institutions, which will help to improve overall financial stability and strengthen the financial system.
4. Support for Small Businesses: The integration between ArifPay and EthSwitch will also benefit small businesses in Ethiopia. By providing more efficient and secure payment options, small businesses will be better able to manage their cash flow and conduct business transactions. This will help to support the growth of small businesses and create more job opportunities, which will help to drive economic growth.

EthSwitch expressed its readiness to support such initiatives is a testament to its dedication to promoting financial inclusion and supporting the growth of the Ethiopian economy. The integration of ArifPay with EthSwitch is a prime example of how different players in the financial sector can come together to create solutions that benefit customers and the broader digital economy. During the press conference, Ato. Yilebes Addis, CEO of EthSwitch, expressed his enthusiasm for the launch of integration by stating, “EthSwitch is proud to be at the forefront of initiatives that promote interoperability ,financial inclusion and digital payments in Ethiopia, and we are excited to support the integration of ArifPay with EthSwitch”.

Mr. Bernard Laurendeau, CEO of Arifpay, highlighted the potential impact of the partnership on the everyday lives of consumers, stating, “With the introduction of interoperable ArifPOS Smart devices, consumers in Ethiopia will have more options for everyday payments, and will no longer be limited to using their debit cards only at ATMs.”

The CEOs’ remarks reflect the significance of the integration between ArifPay and EthSwitch in promoting financial inclusion and driving the growth of the Ethiopian economy.

For more information Ms. Tinsae Teferi, Communication and PR Manager
tinsae@arifpay.net
+251902145801