Gadaa Bank Joins Forces with Commodity Exchange

Mar 16 , 2024

Gadaa Bank joins the Ethiopian Commodity Exchange (ECX) payment system as the 23rd member. The president of Gadaa Bank, Wolde Bulto, and Mergia Bayisa, the deputy CEO of ECX, solidified the partnership last week by signing an agreement. The agreement allows traders to receive money as soon as they sell their products on the ECX floor through the banks. Gadaa Bank's entry into this network comes on the heels of its establishment in 2021, boasting a paid-up capital of 600 million Br. With 25 branches and six electronic exchange floors, Exchange has emerged as a pivotal player in commodity trading. The collaboration between Commodity Exchange and financial institutions dates back 16 years, with the Commercial Bank of Ethiopia (CBE) and Dashen Bank being the pioneering partners. Over the years, ECX has facilitated a total of 384 billion Br transactions, executed through its network of 22 commercial banks.