CBE and CBB sign new ATM agreement
Two Ethiopian banks have launched a new shared card payment system that could improve access to finance for those living in the country.Two Ethiopian banks have launched a new shared card payment system that could improve access to finance for those living in the country.
The agreement from Commercial Bank of Ethiopia (CBE) and the Construction & Business Bank (CBB) will mean customers at the two financial institutions will be able to withdraw money from 500 ATMs owned by the two companies, the Addis Fortune reports.
Some 200 point of sales machines have also been ordered by the two banks - a move that could make it easier for consumers to pay for transactions using their cards instead of cash.
A memorandum of understanding has been signed by the two banks that will see CBB pay the CBE for the use of its technology.
The CBE first starting its banking operations in 1942 and now has 473 branches across the country.
Its latest announcement could help make it easier for those who wish to withdraw funds but cannot make it to one of these outlets to access their money and make transactions.