Ethiopian Prime Minister Abiy Ahmed recently stated that foreign investors will soon be able to purchase shares in local banks. Even though no deadline has been set, Ethiopia’s prime minister promises that the measure would take effect “as soon as Parliament passes policies to that effect.”
“The administration is now working on […] a policy change. We will implement it whenever the preconditions are met and the banks are ready “Added he. Several African banks, such as Kenya’s Equity and KCB Group, are eagerly anticipating the opening of Ethiopia’s banking market to foreign competition.
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Recall that Ethiopia, with its 114 million people, is Africa’s sixth largest economy. According to the Central Bank, it has 18 commercial banks, two of which are state-owned.
Ethiopia banking Ethiopia banking
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer