Wednesday, June 6, 2012

Commercial Bank of Ethiopia and CBB agree to share card payment system

The two government banks Construction and Business Bank (CBB) and the Commercial Bank of Ethiopia (CBE) have agreed to share the technology of Card Payment System that CBE had already acquired. The two banks signed Memorandum of Understanding (MoU) June 1, 2012 that enables the former to use the card payment system.
According to CBB press release the MoU was signed by CBB President, Haile-Yesus Bekele, and CBE President, Bekalu Zeleke.
Upon acquiring additional license from M2M Group (the contractor) and signing a written contract with CBB, CBE will do its level best to enable CBB to use the existing CBE’s card payment system in a shared manner.
The CBB shall pay to CBE the charges, costs or such other sum as may become payable due to the use of CBE’s card payment system at a time and in a manner prescribed by the would be contract.
It is stipulated in the MoU that the respective rights and obligations of the parties will be set forth in a separate written contract. Each bank will also maintain its own identity in providing service and separately responsible for establishing its own policies and financing its own activities. To this effect, the details shall be stipulated in the would be contract that will be designed and agreed between the two parties.
As a result, the MoU creates an opportunity for CBB to implement its 20 Automated Teller Machine (ATM), and 200 Point of Sale (PoS) in selected branches in Addis and state towns for delivery of efficient and effective services beginning 2012/2013 fiscal year.
Source: ENA

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