TORONTO, Sept 21 (AGCNewsNet) - The Commercial Bank of Ethiopia (CBE) and Visa, a leading global payments technology company, have entered into a five-year agreement aimed at enhancing collaboration between the two institutions.

The agreement, signed on Friday by CBE President Abe Sano and Visa East Africa Director Chad Pollock, will focus on increasing the capacity of the bank’s employees through specialised training and facilitating access to Visa’s global network when CBE becomes eligible.

Abe Sano highlighted the significance of the partnership for the bank’s clients, particularly in the context of international transactions. "In accordance with the financial reform that the government introduced, the strategic agreement is crucial to settle international payments," he stated.

Chad Pollock, on behalf of Visa, expressed his enthusiasm, emphasising that the collaboration with the Commercial Bank of Ethiopia would enhance financial transactions both within the country and internationally.

While the benefits CBE will receive from Visa are clear, details on what the bank will offer in return remain unspecified.