The National Bank of Ethiopia announced that 5 foreign banks will be given permission to enter Ethiopia and provide services.
The vice governor of the National Bank of Ethiopia's financial institutions sector Mr. Solomon Desta has said that besides strengthening the domestic financial institutions, work is being done to bring foreign banks into the country.
We are finishing the work now. We are also finishing the work of revoking the proclamation. We are asking for some materials from donors.
It will be presented to the people in months as it is expected. Therefore, the work is accelerating," Mr. Solomon said.
Mr. Solomon said that in the next five years, a plan is being made to give 3 to 5 foreign banks licenses.
Foreign banks should work on building the capacity of domestic financial institutions so that they don't push local banks out of the market. They have shown that there is a system in place for this.
They need to think about how to cooperate with foreign institutions. The banks need to understand how to share capital, knowledge and technology.
by Biruktawit Asrat
2023-06-22
