The NewsADDIS ABABA — Ethiopia’s central bank is fast-tracking the rollout of a new legal framework to spur foreign competition in the local banking sector while simultaneously imposing strict limits on the role of foreign players. Ethiopia’s government is keen to benefit from foreign investment but wants to prevent smaller local banks from being swallowed up by larger foreign rivals. The Ethiopian banking sector is valued at around 2.4 trillion Birr (almost $43 billion), according to Addis Ababa-based investment firm Cepheus Growth Capital. Both cases highlight the difficulty of this moment for foreign entrants to Ethiopia’s banking sector. “Is it foreign currency or efficiency the government wants from foreign banks?

Source: Ethiopian News December 08, 2023 01:18 UTC