“Many Foreign Banks Are Applying for Licenses,” Says Governor Mamo Mihret
The Governor of the National Bank of Ethiopia (NBE), Mamo Mihret, has called on domestic banks to step up their preparedness as Ethiopia’s banking sector inches closer to opening its doors to foreign competitors. His remarks come at a time when a growing number of international financial institutions are applying for entry into the Ethiopian market—marking a significant shift in the country’s financial landscape.
Speaking during the launch event of Bank of Abyssinia’s paperless banking initiative, Governor Mamo warned that the banking sector will soon face unprecedented levels of competition.
“The industry will no longer be the same. We are entering a new era of competitive banking,” he stated. “Many foreign banks have already applied and are actively submitting license applications. Their entry into the market is no longer a question of ‘if,’ but ‘when.’”
A Call for Modernization and Reform
Governor Mamo emphasized the urgency for domestic banks to modernize their operations and raise service standards across the board. He cited two primary reasons for this imperative shift:
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