The Ethiopian Commodities Exchange (ECX) made a payment of Birr 14 billion during the past seven months using an electronic trading system. ECX started modernizing its payment system 15 years ago by entering agreements with Commercial Bank of Ethiopia and Dashen Bank. It currently works with 19 banks to enhance its trading system.

The electronic payment system is used by every participant in the commodity exchange including farmers and suppliers. Payments are made through more than 11 thousand bank accounts which are opened by suppliers and buyers.

ECX signed an agreement with Ethiopian Artificial Intelligence Institute last month to launch an online trading system which would allow services that were available at the headquarters of the institution to be provided remotely.

Source: Ethiopian News Agency and Capital Ethiopia