Inks MoU with Tsedey Bank
ADDIS ABABA–The Ethiopian Commodity Exchange (ECX) has made significant progress in sharing its expertise in commodities exchange and operations to strengthen trade among African nations.
ECX CEO Wondimagegnehu Negera announced that delegations from nine African countries have visited the ECX, building relationships aimed at fostering the exchange of knowledge and best practices in the commodities market.
“These collaborations are opening up new opportunities for market development and growth across the continent. For instance, Ethiopia is currently trading soybeans with Kenya,” he said, adding that similar trade partnerships are being developed with other African nations.
Wondimagegnehu emphasized that the ECX will continue creating exchange platforms to streamline cross-border trade within Africa. Additionally, ECX is modernizing its marketing system by launching an online shopping platform.
In the first quarter of this fiscal year, ECX facilitated the online exchange of around 25 Ethiopian agricultural products, with transactions totaling over 5.6 billion Birr.
The new online platform is designed to enhance the current electronic shopping system, allowing traders to conduct transactions digitally without the need to visit physical trading centers. This innovation is expected to make the market more accessible, increase participation, and offer more technology-driven services.
According to Wondimagegnehu, the online system is continuously evolving, allowing new products to be introduced to the market. The platform also supports financial inclusion and ensures a reliable payment system, enhancing the efficiency of market exchanges nationwide.
“Additional agricultural products, including soybeans, teff, beer malt, and salt, are being integrated into the market system,” he added.
In a related development, the Ethiopian Commodity Exchange (ECX) signed a Memorandum of Understanding (MoU) with Tsedey Bank to collaborate on enhancing commodity exchange initiatives. Tsedey Bank CEO Mekonnen Yelewumwossen emphasized that the partnership would empower farmers to bring their products to market more efficiently, thereby boosting productivity.
Tsedey Bank, which supports small, medium, and large enterprises, currently holds a total capital of 12 billion Birr and assets amounting to 60 billion Birr, with a network of over 630 branches.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD SATURDAY 19 OCTOBER 2024
