Ethiopia adopts new policy to liberalize banking sector

The Council of Ministers approved a new policy that will open up the banking industry for foreign competition.

The banking industry has been closed to foreigners, despite the desire of multinationals to join the market.

Known for his liberalization pushes, Abiy has been pledging to open up the sector since he assumed power in 2018.

It was however a decision challenged by managers of banks who want the sector to remain closed over competition fears.