Central Bank Governor Mamo met with Kairu, Group Chairman of KCB in Addis Ababa on Thursday.
BusinessNews

Moroccan, Kenyan Banks Eye Ethiopian Financial Sector

ADDIS ABABA – Central Bank Governor Mamo Mihretu held talks with Kenyan and Moroccan financial groups over possible entry to Ethiopia’s banking sector.

The talks came a week after the National Bank Ethiopia (NBE) revealed plans to issue up to five banking licenses for foreign investors in the next five years.

Governor Mamo first met with the management of Morocco’s leading financial group – Attijariwafa Bank Group.

The discussions with both bank officials were about “potential entry in the Ethiopian financial service sector,” the central bank stated.

Currently, Ethiopia has 30 commercial banks, and all of them are locally owned.

The NBE officials are in the final phase of drafting legal frameworks needed to issue the license for foreign competition.

The draft proposes four entry modalities for foreign banks into the country. These options include forming joint ventures with domestic players or establishing local subsidiaries.