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ECX on Verge of Mineral Trading

Jul 18 , 2021

Opal, emerald, and sapphire, will be traded on the floors of the Ethiopian Commodity Exchange (ECX) beginning next year. The Exchange has already prepared a manual to begin trading the minerals and is currently waiting the drafting of a legal framework by a team comprised of officials from the Ethiopian Commodity Exchange Authority and the Ministry of Mines & Petroleum. In the just-ended fiscal year, ECX facilitated the trading of 614.5 million metric tonnes of commodities with a value of 39.6 billion Br. The Exchange also plans to add industrial products to its trading platform soon. It is currently undertaking a study to enforce forward contracts on its trading floors.

Radar

Digital Heights for Coop Bank, Profits Dip

The Cooperative Bank of Oromia (CBO) announced that a total transaction volume of 1.36 trillion Br was made through 489.5 million transactions on its digital platform, Coopay E-Birr. Fuel payment transactions alone reached 1.15 billion Br across 105,500 transactions. The platform added 8,959 agents, 32,840 merchants, and 3.85 million new subscribers in the year. However, at 2.51 billion Br, the Bank's gross profit before tax declined by 26pc from last year's 3.39 billion Br. Board Chai...

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AI-Powered, Sharia-compliant Digital Financing for MSMEs, Consumers Debuts

ZamZam Bank, in partnership with Kifiya Financial Technology, has launched a Sharia-compliant digital financing service, "Ansar Digital Financing". The service, which the Bank asserts is Ethiopia's first, aims to transform access to financial services for micro, small, and medium enterprises (MSMEs), particularly women and informal sector workers. The announcement was made during a formal launch event held at the Haile Grand Hotel last week. Melika Bedri, president of ZamZam Bank, stated that...

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Local, International Firms Cooperate to Bridge Skill Mismatch

In a bid to address the pervasive skill mismatch, Geez Education & Training Plc (GET) has allied with International financial and management institutions to bridge the gap. Three international institutions, the Global Academy of Finance & Management (GAFM), the American Academy of Project Management (AAPM), and California State University, Dominguez Hills (CSUDH), have entered into a cooperation with GET at an event held last week at Skylight Hotel. Officials believe the move will con...

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