Kenya Commercial Bank (KCB) revealed that it had intentions to join Ethiopia’s financial market. Representatives of the bank which included its CEO and CFO paid a visit to Ethiopian Investment Commission today. They appreciated Ethiopia’s decision to open up its financial sector for foreign investors.

In September this year, the Council of Ministers approved a policy to open up the banking sector to foreign investment aiming to increase the competitiveness, effectiveness, and efficiency of the financial sector. The National Bank of Ethiopia has been preparing to invite international financial institutions into the Ethiopian financial sector for a long time. The preparation includes amendment of regulations and change of supervision system.

KCB was established in 1896. It currently operates in seven countries and has 30.1 million customers.

Source (including image): Ethiopian Investment Commission

Additional source: KCB