Wed. May 22nd, 2024

Ethiopia finally opens doors for foreign banks

Bank

The Council of Ministers of Ethiopia approved today the long-awaited policy allowing foreign banks to operate in Ethiopia.

Foreign banks will be able to enter the market with over 110 million people, just like other policies once the Ethiopian Parliament approves the decision and it is published on Negarit gazette. The protected strategic areas that are closed to foreign companies in Ethiopia include the financial sector which includes insurance, microfinance, and banking.

Many countries, including the United States and Europe, have waited for the Government of Ethiopia’s liberalization of the financial sector and the opening of their banks in Ethiopia for decades.

It is recalled that about a week ago, the first private foreign telecom operator Safaricom has started operation in Ethiopia following Ethiopian Government’s decision to open the telecom sector for foreign operators.

Source: newbusinessethiopia

By Chala Dandessa

I am Lecturer, Researcher and Freelancer. I am the founder and Editor at ETHIOPIANS TODAY website. If you have any comment use caalaadd2@gmail.com as email contact. Additionally you can contact us through the contact page of www.ethiopianstoday.com.

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