The implication, therefore, is that we might be seeing some mergers and acquisitions in the Ethiopian banking sector anytime soon. Business Insider Africa reported earlier that the Ethiopian banking sector liberalisation committee has begun working towards replacing the country's decades-old financial services code with a new one. It will, among other things, stipulate the modalities for foreign banks to operate in Ethiopia. Recall that Prime Minister Abiy Ahmed was the first to disclose Ethiopia's ongoing plan to open its banking sector to foreign banks. Last month, he declared that “we will bring foreign banks because we need additional wealth and hard currency.

Source: Ethiopian News May 25, 2022 10:31 UTC