Ethiopia sets stage for entry of Kenyan banks

This photo taken on January 28, 2018, shows the African Union (AU) headquarters in Addis Ababa during the opening of the Ordinary Session of the Assembly of Heads of State and Government for the 30th annual African Union summit. [File]

Ethiopia has inched a step closer to liberalising its banking sector, after setting the stage for Kenyan lenders such as Equity, KCB and Cooperative Bank to set up operations in the Horn of Africa's most populous nation.

On Saturday, the Ethiopian government adopted a new code that will allow the opening up of its financial sector to foreign entities.