Kenya Commercial Bank, East Africa largest bank is eying the relaxation of tough banking laws in Ethiopia to make an entry into the country.
The bank Chief Executive Officer Joshua Oigara was this week quoted by Reuters saying that they have already opened an office in Addis Ababa and were watching keenly as Ethiopia moves to liberalize their economy and specifically banking laws.
“We believe with the changes we see, the peace initiatives, that there will be very exciting opportunities for us,” he told Reuters, adding that Ethiopia could be most exciting expansion prospect for companies like KCB in the sub-Saharan region of 1 billion people.
Oigara said that the potential opening up of the Horn of Africa as a result of that peace initiative and other reforms pushed by Ethiopian Prime Minister Abiy Ahmed could result in the volatile region becoming a new economic powerhouse.
The Bank operates in most of East African countries including Kenya, Uganda, Tanzania, Burundi, Rwanda and Southern Sudan.
Today KCB Group Plc has the largest branch network in the Region of over 260 branches, 962 ATMs and over 15,000 agents offering banking services on a 24/7 basis in East Africa. This is complemented by mobile banking and internet banking services with a 24hour contact center services for our customers to get in touch with the Bank.
The Bank has a wide network of correspondent relationships totaling over 200 banks across the globe and our customers are assured of a seamless facilitation of their international trade requirements wherever they are.
Ethiopia has excited foreign investors based on a current growth sprout that has beaten the odds despite a volatile political situation. Different rating organizations have put Ethiopia ahead of many African countries, and the country has been one of the largest recipients of Foreign Direct Investments (FDI).