Siinqee Integrates to ECX Payment System

Jan 14 , 2023


Siinqee Bank joins the Ethiopian Commodity Exchange (ECX) payment system as the 18th member. The Bank signed a memorandum of understanding focused on the payment and transaction entity for the exchange between the traders and ECX.  The Bank's Deputy Yohannes Mengistu said the partnership could be a gateway to work with international traders. Established 14 years ago, ECX transacts over 350 billion Br, with the market now accommodating 404 members and 573 non-member traders with 22,000 traders. Using technology and a payment system, over 11,000 accounts are integrated with ECX said Wendmagegn Negera, CEO of ECX.  According to Wendemagegn, the agreement allows traders to receive money as soon as they sell their products on the ECX floor through the banks. The CEO said the Exchange market is flooring more than 17 products and is currently planning to add wheat, rice, beans, cardamom and incense, which would be relevant to make the trading system successful by generating foreign currency. ECX has 25 branches and six electronics exchange floors across the country. Siinqee, formerly known as Oromia Credit & Savings, S.C., has been licenced as a Bank following the green light given by the National Bank of Ethiopia (NBE) to allow microfinance institutions (MFIs) to evolve into full-fledged commercial banks. The Bank has been officially opened and has become fully operational since September 2022 and registered a 371.6 million Br profit last fiscal year. The Bank can also provide loans to the framers by depositing their commodities in a warehouse as collateral.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email