Ahadu Bank Begins Payment Gateway Partnership with ECX


Ahadu Bank Begins Payment Gateway Partnership with ECX

Ahadu Bank joins the Ethiopian Commodity Exchange (ECX) payment system as the 21st member. The Bank signed a memorandum of understanding focused on the payment and transaction entity for the exchange between Seifealem Liben, the acting president and Wendmagegn Negera, CEO of ECX. The agreement allows traders to receive money as soon as they sell their products on the ECX floor through the banks. Wendmagegn said that the partnership could diversify the alternative and increase the efficiency of the transactions. According to the CEO, they are prepared to kick off the customized forward trade and warehouse quality inspection service. Sefialem said the agreement benefits international trading and foreign currency gains. Ahadu Bank became operational under Eshetu Fantaye on June 2022 with 722 million Br paid-up capital and 10,000 shareholders after securing a license from the National Bank of Ethiopia (NBE). Ahadu mobilised a one billion Birr deposit in the current year through its 51 branches. Established 14 years ago, ECX transacts over 368 billion Br, with the market now accommodating 404 members and 573 non-member traders with 22,000 traders. According to Wendimagegn, using technology and a payment system, over 11,000 accounts are integrated with ECX. The Exchange market is flooring more than 17 products through its 25 branches and six electronics exchange floors across the country


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