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Equity Bank www.theexchange.africa

Foreign investment in Ethiopia is growing and the banking industry is opening up after decades of prohibitive regulations which locked out foreign investors.

Equity Bank is the newest and the second financial institution after KCB to open a representative office in Kenya’s northern neighbour.

The Bank has set up a Commercial Representative Office in Addis Ababa, Ethiopia as it prepares to commence operations.

Kenya Commercial Bank (KCB) opened its Ethiopian representative office in 2015.

Reports indicate that KCB is looking to open a fully-fledged subsidiary or partner with an Ethiopian bank once the market is opened to foreign lenders.

“Our main area of focus is to have a business and presence in Ethiopia. We hope that by the end of 2020 we can be allowed to go further whether by opening a branch or through our mobile lending platform,” KCB chief executive Joshua Oigara was quoted by Kenya’s Business …