Depositors in Ethiopia can cash their account from any ATM even if it is not operated by the bank where they have deposited their savings. The long-awaited national switch system, ET Switch S. C., has gone operational today, April 20, 2016.
Et-Switch was established in 2011 by 16 banks, with 80.5 million Br registered capital.
Promoters of the project hope to see the system avail convenience in banking transactions, and payments.
After being piloted for three months, all the banks’ online real-time and electronic banking solutions are centralized. A client of any of the 16 banks will enjoy services including cash withdrawal and cheque balancing by the ATMs. There are close to 2000 ATMs operating across the country, but mainly in the capital, Addis Abeba. Clients are now also able to buy and be refunded through point of sale (PoS) machines.