Ethiopia: Abay Bank, Ecx Partner for Transactions

Abay Bank became the 15th financial institution to partner with the Ethiopian Commodity Exchange (ECX) to run transactions.

The agreement was signed by Wondimagnehu Negra, CEO of ECX, and Yehuala Gessesse, president of Abay Bank, on September 13, 2018, at the ECX.

Currently, there are more than 5,500 bank accounts at the 14 banks, which can transact with the ECX.

Since its establishment a decade ago, ECX has recorded a total transaction volume of 182.8 billion Br, and during the previous fiscal year, the Authority transacted 31 billion Br worth of commodities. It has also opened new offices in Bule-hora, in the west and central Guji region of Oromia Regional State.

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