Ethiopia is taking a significant step in digital finance with the rollout of an interoperable QR code payment standard, a senior official has said.
Speaking at a relevant conference in Addis Ababa over the weekend, Ahmed Shide, Minister of Finance, said the interoperable QR code payment system is helping to unify the country’s fragmented payment ecosystem and deliver seamless, accessible, and secure transactions.
Spearheaded by EthSwitch, Ethiopia’s national payment switch, the initiative aligns with the EMVCo standard, a global framework for secure payment transactions, enabling both domestic and international payment schemes to work within one streamlined system.
This could not only redefine digital transactions in Ethiopia but also set a precedent for other emerging markets looking to bridge the gap between cash-based and digital economies.
Shide said the interoperable QR code standard aims to revolutionise how Ethiopians pay for everything—from groceries and utility bills to e-commerce purchases—by simplifying the payment process and eliminating the need for multiple, non-compatible QR systems.
“With a focus on peer-to-merchant (P2M) payments, the standard’s core objectives are clear: increase digital payment adoption, reduce transaction costs, and create a unified experience across different payment providers and merchant types,” he said.
The QR code payment ecosystem limitation not only stifles consumer convenience but also hinders market growth and keeps merchants tied to singular platforms.
The new interoperable standard promises to break down these barriers, paving the way for a more inclusive and scalable digital economy.
MG/APA