Ethiopia Commodity Exchange (ECX) Signed service level agreement with Zemen Bank for financial purposes. This makes Zemen Bank the seventeenth bank to enter a similar agreement with the Exchange.

Signing the agreement were Wondimagegn Negera, CEO of ECX, and Dereje Zebene, CEO of Zemen Bank.

ECX's CEO Wondimagegnehu Negera, speaking during the agreement-signing ceremony, said Ethiopia Commodity Exchange has created "a strong and successful clearing and settlement system which [has] zero defaults to date." This service level agreement signed with Zemen Bank will augment the payment process, he went on to say.

Dereje Zebene, CEO of Zemen Bank, for his part, commended ECX for the major role it played in modernizing the Ethiopian market system, which in turn benefited millions of farmers, traders, exporters and the nation by large. He reaffirmed Zemen Bank is committed to providing the service efficiently.

During the past 11 years, ECX has collected some 255.3 billion birr ($7.95 billion) via the 16 banks it partnered with, while it paid off 247.5 billion birr ($7.7 billion) to traders.

The first banks to partner with Ethiopia Commodity Exchange were Commercial Bank of Ethiopia and Dashen Bank.

Source (Including Image): ECX Press Release sent to 2Merkato.com