In brief

21 June 2019

Money Transfer

Barely 2 months after Equity Bank revealed its intentions to expand into the Ethiopian banking sector, the group has been granted a license to open a representative office in Addis Ababa, with full operations set to commence in July. The regional bank has so far proven its commitment to economic reforms that will be both beneficial to the Organization as well as the country of interest. The Kenyan Bank which also just took a step into the banking sector of Zambia and Mozambique is expanding into Ethiopia. This decision is coming after Ethiopia’s Prime Minister announced a move towards liberalizing various sectors of the economy against its initial state of privatization. Prior to this reform, every industry in the country was controlled by the government.