Companies Ethiopia to drop restrictions on KCB, Equity BankEthiopia's Prime Minister Abiy Ahmed. Ethiopia on Tuesday announced plans to ease restrictions on foreign banks making investments in the country, opening the door for Kenyan lenders to set up operations in the populous nation. “We will bring foreign banks because we need additional wealth and hard currency,” he was quoted saying by local media. KCB Group Chief executive Joshua Oigara earlier said that if Ethiopia’s economy were liberalised and foreign banks allowed to invest, KCB would consider partnering with a local bank. This followed the 2012 deal that allowed Kenyan banks to open representative offices but barred full banking operations in Ethiopia for direct lending and deposit-taking.

Source: Ethiopian News February 23, 2022 03:36 UTC