Zemen, ECX Tee Up for Transactions

Jan 18 , 2020

Zemen Bank became the last existing bank to partner with the Ethiopian Commodity Exchange (ECX) for payment transactions. Wondimagegn Negera, CEO of ECX, and Dereje Zebene, CEO of Zemen Bank, signed the partnership agreement on January 15, 2020. The ECX operates 5,250 accounts at 16 banks with more than 170 non-member sellers and 21,000 customers. Working with the banks for the past 11 years, 255.3 billion Br was deposited into the account of the ECX, while 247.5 billion Br was withdrawn from ECX's account. ECX's first partnership agreement was signed with two banks, Commercial Bank of Ethiopia and Dashen Bank.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...