Addis Ababa, Ethiopia (February 19th, 2009) – Three private Ethiopian banks signed a Memorandum of Understanding to work together to launch a wide-reaching Automated Teller Machine (ATM) and Point of Sale terminal (POS) network through which customers can withdraw cash and make payments for purchases. The agreement is the first significant cooperation between competing banks in Ethiopia’s fast-growing banking sector and promises significant gains both in quality banking technology and in cost-effective operations.