“Five foreign banks are scheduled to be authorized” National Bank of Ethiopia
Bahir Dar, June 22, 2023 (AMECO) – The National Bank of Ethiopia disclosed that five foreign banks will be offered permits to operate in Ethiopia to deliver services.
The bank also emphasized the importance of indigenous banks making preparations and reviewing their past strategy.
Solomon desta, Deputy Governor of the National Bank of Ethiopia’s Financial Institutions Sector, noted that, in addition to fostering local financial institutions, attempts are being undertaken to lure foreign banks into the country.
Selemon also stated that plans are being made to grant licenses to three to five foreign banks in the next five years.
According to the Deputy Governor, domestic financial institutions should focus on increasing the capacities of local banks so that they are not pushed out of the market by foreign banks; he noted that there is an established process for this.
