CBE unveils digital transaction system for farmers

Addis Ababa, December 19, 2022 (FBC) – Commercial Bank of Ethiopia (EBC) (CBE) has unveiled a digital transaction system that would help farmers exchange agricultural commodities online.

CBE has inked an agreement with Oromia Cooperatives Agency to enable farmers use digital payment while buying fertilizers and other agricultural inputs from the agency.

The system will also enable the farmers to make payments via mobile banking and CBE Birr when purchasing agricultural products from local enterprises.

It is also stated that farmers can undertake transactions of agricultural inputs and technologies without bank accounts through CEB Birr after depositing only 30,000 birr.

During the signing ceremony, President of CBE, Abe Sano stated that the new system would help accelerate the transaction in the agricultural sector, pledging to fully digitize the scheme next year.