Apr 24 , 2023
Traders have gained another option for digital payment transactions with Tsehay Bank joining the Ethiopian Commodity Exchange (ECX) payment system as the 22nd member. The Bank signed a memorandum of understanding last week focused on the payment and transaction entity for the exchange. ECX began teaming up with financial institutions 15 years ago with CBE and Dashen Bank as its first partners. It has transacted 370 billion Br with over 11,000 bank accounts with a series of commercial banks that have joined the partnership scheme through the years. According to Wendemagegn Negera, CEO of ECX, the agreement allows traders to receive money a day after selling their products flooring more than 22 products adding wheat, rice, cardamom and frankincense to the floor recently. He said they are planning to commence the exchange of industrial products such as sugar, cement and gemstones 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. Tsehay Bank is one of a succession of fourth-generation private banks with a subscribed capital standing at 2.8 billion Br with a par value of 1,000 Br. The executives under Yared Mesfin, aim to expand the branch numbers to 100 while mobilising a deposit of 5.1 billion Br.
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