2merkato

A study conducted by the Common Market of Eastern and Southern revealed that Ethiopia’s manufacturing secure is not yet ready to be competitive internationally and is showing little sign of improvement.

The study was commissioned by the Ministry of Finance and Economic Development and financed by the COMESA secretariat.

Problems noted by the study include slow productivity, high production costs, shortage and low quality of raw materials, shortage in foreign exchange, lack of skilled manpower, and frequent power interruptions.

COMESA Summit will hold its 18th meeting this month in Ethiopia when Heads of State and Governments of 19 Member bloc of countries comes together.

Commercial Bank of Ethiopia signed an agreement for International Business Machines Corp. (IBM) to build a platform to deliver electronic banking services, as the bank intends to use new technology for the expansion of its business.

The commercial bank of Ethiopia invited potential bidders for the supply of 2,000 Points of Sales terminals and 200 Automated Teller Machines. The bank currently operates 58 ATM machines and has made preparations to import 200 ATM machines including 2,000 POS this year.

The commercial bank aims to raise its number of accounts by 25 percent in its effort to mobilize deposits, mainly to finance government housing projects.The bank plans to install 100 new ATMs and open 150 additional branches every year until 2015.

The bank has 200 branches and3.9 million account holders.  Over 1.5 million account holders can reach their accounts in real time.

The Commercial Bank of Ethiopia (CBE) and Seregela PLC inked an agreement to collaborate on payment systems. The agreement will enable customers of Seregela to effect payment using CBE card, mobile banking, or CBE Birr.