The Commercial Bank of Ethiopia and the Construction and Business Bank, both state managed institutions, have reached an 
agreement to establish an integrated card payment system that will allow customers to withdraw money from common Automated Teller Machines.
The Commercial bank currently operates 58 ATMs and is waiting on delivery of 400 more it ordered a month ago. The construction bank is also expecting delivery of 20 ATMs ordered at the same time allowing the two banks to have almost 500 ATMs between them.
The Memorandum of Understanding establishing the arrangement signed earlier this month requires the CBB to pay fees to the commercial bank for the use of its technology.
The Construction bank will share the investment cost for installing the hardware for the card payment system explained Haileyesus Bekele, President of CBB.The technology for the system to allow CBB to begin ATM services through the BCE infrastructure will be laid out by Moroccan company, M2M represented in Ethiopia by MUTI Engineering.
Source: Addis Fortune
