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.
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