Ethiopia to Offer Up to Five Banking Licenses to Foreign Investors
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Ethiopia plans to offer up to five banking licenses to foreign investors.
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This is part of the country's effort to modernize and open up its economy.
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Currently, Ethiopia's banking sector is dominated by state-owned banks.
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The move is expected to increase competition and boost efficiency in the sector.
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The licenses will be awarded through a competitive bidding process.
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Foreign banks will be required to partner with local banks or companies to qualify for the licenses.
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The minimum capital requirement for the licenses is expected to be around $100 million.
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The licenses will also allow foreign banks to offer a wider range of services, such as mobile banking and insurance.
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The decision has been welcomed by foreign investors who see the move as a sign of Ethiopia's commitment to reform.
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