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Zemen, ECX Tee Up for Transactions

January 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the banks for the past 11 years, 255.3 billion Br was deposited into the account of the ECX, while 247.5 billion Br was withdrawn from ECX's account.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.



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