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Ethiopia: ECX, Birhan Bank Go for Modern, Reliable Payment System

23.06.2017

 | Source:  The Ethiopian Herald; All Africa

Ethiopia Commodity Exchange (ECX) has extended its efforts to create modern and reliable payment system.

Ethiopia Commodity Exchange (ECX) has extended its efforts to create modern and reliable payment system as it has made Birhan International Bank its 11th partner.

During the payment service signing agreement with the bank, ECX Chief Executive Officer Ermias Eshetu said the agreement would have a greater role in boosting our efforts of facilitating and modernizing the payment system.

"Here purchasers will pay sellers the next day after the transaction is made," the CEO said. A direct transfer of the amount would be made from the buyer's bank account to the seller's account, he added.

According to Ermias, previously, before ECX, it took farmers months to a year's time to get the payment for their commodities.

This traditional system of payment, which caused disappointment and distrust to the farmers and the biggest challenge to ECX intervention, has now altered over the past nine years due to strenuous efforts of ECX modernizing the market system, he noted. Read more on All Africa.

Source: All Africa