• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Ethiopia plans to allow foreign banks acquire local lenders

1 year ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
66
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ethiopia plans to allow foreign banks acquire local lenders

Ethiopia plans to allow overseas lenders to acquire up to 30% in its commercial banks, the latest step by the government to encourage investment in one of Africa’s biggest economies.

A draft by Ethiopia’s Council of Ministers circulated to domestic lenders on Oct. 5 and seen by Bloomberg stipulates the amount of equity that foreigners can purchase. It comes after the government last month announced plans to ease restrictions on bank ownership, and fulfills a pledge by Prime Minister Abiy Ahmed when he came to power in 2018 to open up the economy to foreign investors.

National Bank of Ethiopia Governor Yinager Dessie didn’t answer calls or respond to text messages seeking comment. The central bank Vice Governor Fikadu Digafe said last month he expects the draft legislation to be enacted this year.

Ethiopia needs overseas investment to accelerate growth that’s been crimped by a civil war in the country’s northern region. The International Monetary Fund forecasts economic expansion will slow to 3.8% this year. The nation is also facing a severe shortage of foreign currency and consumer prices are soaring.

Ethiopia has 25 commercial banks serving 117 million people, according to World Bank data. Commercial Bank of Ethiopia, one of two state-owned lenders, held assets worth 485.7 billion birr ($17.6 billion) and caters to 15.9 million customers, according to its website.

Several foreign banks have representative offices in the Horn of Africa country, including Equity Group Holdings and KCB Group — the two biggest lenders in neighboring Kenya — along with Standard Bank Group. Lease companies, such as a unit of New York-based Africa Asset Finance Co., which pledged to bring in equipment worth $600 million after being licensed in August, can also operate there.

RelatedPosts

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

The draft legislation also proposes that foreigner individuals can buy 5% in domestic banks. Foreign banks will also be allowed to set up subsidiaries or open branches in the nation.

Africa’s second-biggest nation by population has already opened up its telecommunication industry by awarding a license to a Safaricom Plc-led Global Partnership for Ethiopia, a consortium that includes Japan’s Sumitomo Corp. and Britain’s Vodafone Group. The Ethiopian unit has secured a mobile money-services license after beginning commercial operations there and expects about $1 billion of investments within the next three years.

A year of its launch, the state telecom’s mobile money platform added 21.8 million users as of July 7.

Source: bloomberg
Via: norvanreports
Tags: EthiopiaEthiopia plans to allow foreign banks acquire local lendersforeign bankslocal lenders
No Result
View All Result

Highlights

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

Nigeria Exiting Years of Economic Doldrum But Hard Road Ahead Still

Trending

Features

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

August 25, 2025

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers As anticipation builds for the...

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

August 25, 2025

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

August 25, 2025

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

August 25, 2025

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

August 25, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.