ADDIS ABABA, June 26 (Xinhua) -- The National Bank of Ethiopia (NBE) has said the country's banking services, which were exclusively available to local investors, have been officially opened to foreign banks and investors for the first time.
The country's central bank made the announcement on Wednesday, while introducing guidelines for foreign investors to obtain banking licenses.
"The market has been opened for foreign banks and investors who wish to engage in the sector, and they can submit their applications to the NBE starting June 25, 2025," the NBE said in a statement.
The new directive is the result of extensive consultations conducted over the past year with a wide range of stakeholders, whose inputs have been given due consideration, it said.
The central bank expressed its hope that the opening of the banking sector to foreign investors will bring increased capital and competition. "The opening of the sector will help strengthen service delivery, efficiency, and inclusivity," it said.
According to the statement, foreign investors or foreign banks can participate in the Ethiopian banking sector by establishing subsidiaries, opening foreign bank branches, or setting up representative offices.
