Kenya: Last Hurdle Blocking Kenyan Banks From Operating in Ethiopia Removed in New Law

The Kenyan banking sector has been given the green light to tap into the Ethiopian market after Ethiopian lawmakers approved the banking business proclamation, paving the way for foreign banks to enter Ethiopia’s financial sector.

After a long wait, the new banking law was passed by a majority in the Ethiopian Parliament effectively allowing foreign banks to open subsidiaries in Ethiopia.

The foreign banks that will tap into the Ethiopian market will be allowed to employ foreign nationals…