The National Bank of Ethiopia (NBE) has formally re-licensed the Representative Office of Standard Bank, marking the first such approval issued under the country’s newly revised Banking Business Proclamation.

Under the updated legal framework, the responsibility for licensing and supervising Representative Offices of foreign banks, previously overseen by the Ministry of Trade and Regional Integration, has now shifted to the central bank. NBE has begun re-licensing existing foreign bank offices and reviewing new applications in line with its expanded mandate.

Standard Bank, which has maintained a longstanding presence in Ethiopia through its Representative Office, becomes the first foreign institution to secure formal recognition from NBE following the regulatory transition.

Representative Offices serve as commercial and liaison outposts for foreign banks, focusing on market research, stakeholder engagement, and promotional activities. They do not provide banking services or conduct financial transactions.

Source (including image): NBE