The Ethiopia Commodity Exchange signed a settlement agreement with Oromia Cooperative Bank, Ethiopia last Tuesday.
The agreement was signed by Wondimagegn Negera President of Oromia Cooperative Bank and Ahadu Wubshet, Chief Operations Officer at the ECX.
The agreement between the exchange and the bank will enhance efficient service for customers according to Ahadu.The bank is expected to have begun its activities as per the agreement on the 4th of January 2012.
The agreement will restrain fraudulent activities associated with the use of checks said Wondimagegn.
The Ethiopia Commodity Exchange has so far signed agreements with seven other banks; Commercial Bank of Ethiopia, Dashen Bank, Awash International Bank, Bank of Abyssinia, Wegagen Bank, Nib International Bank and United Bank.
Source: Ethiopian News Agency
