Tsehay Bank has inked a Memorandum of Agreement with Ethiopian Commodity Exchange (ECX) to begin electronic payment gateway partnership.

The agreement makes Tsehay Bank 22nd member bank to join the Exchange’s electronic payment system.

Yared Mesfin, CEO of Tsehay Bank and Wendmagegn Negera, CEO of ECX inked the Memorandum of Agreement on 19 April 2023 at the HQs of the Exchange.

The agreement allows traders to receive money as soon as they sell their products on the ECX floor through Tsehay Bank.

Tsehay Bank, which commenced operations in July 2022, has a network of more than 70 branches across Ethiopia.

The bank has mobilized more than 1.6 billion Birr in savings from its more than 180,000 customers.

ECX is flooring more than 25 products through its 25 branches and six electronics exchange floors across the country.

The agreement is believed to benefit international trading and foreign currency gains to the Bank.