The National Bank of Ethiopia (NBE) announced that the banking sector would be opened to foreign banks on a gradual process as a mechanism to cope with the possible challenges the opening of the financial sector would bring. Foreign banks will be allowed to open limited branches. NBE is working on capacity building, training, strengthening cyber security, financial stability frameworks, and supervision and monitoring mechanisms. It also wrote that the banks that would be allowed to join the Ethiopian financial market would be allowed to open a maximum of four branches in the country. Solomon Desta said that NBE would focus on the good experience the foreign banks would bring and work to reduce the consequential damages the invitation of foreign financial companies to the sector would create.

Source: Ethiopian News November 14, 2022 18:40 UTC