Industry Banks eyeing Ethiopian market to partner with local lendersEthiopia's Prime Minister Abiy Ahmed. Foreign banks seeking to enter Ethiopia could be required to have a local partner to set up business in the country whose unbanked population stands at 75 percent. Opening up will highly benefit the economy, local banks and also other businesses.”The new Financial Service Code will determine engagement modalities of foreign banks in Ethiopia’s financial industry. KCB earlier said that if Ethiopia’s economy were liberalised and foreign banks allowed to invest, the institution would consider partnering with a local bank. Kenyan banks have had their sights on the Ethiopian market for years due to the country’s huge population.

Source: Ethiopian News May 24, 2022 22:44 UTC