The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange’s (ECX) payment system.
CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that payments will be made through a reliable system facilitated by the Exchange.
As the volume of sesame at 73,000tns and coffee at 50,000tns traded through the Exchange increased by 45pc and 17pc, respectively this year, transactions have passed the 19.4 billion Br mark in nine months. A total of 172,000tns of commodities were transacted during this period.
The Exchange has recently announced that its trading operations would become digital, currently finalising the development of software. An additional 21 commodities including salt and barley will also be added to the floor.
