After Safaricom, Kenyan lenders angle for Ethiopia’s 120m market

Ethiopia's newly elected Prime Minister Abiy Ahmed addresses the members of Parliament inside the House of Peoples' Representatives, during a meeting for the approval of 2018/19 budget in Addis Ababa, Ethiopia July 6, 2018. [Reuters, Tiksa Negeri]

Safaricom’s grand entry into Ethiopia has bolstered hopes of Kenyan banks gaining a foothold in the country’s market of 120 million people that has for long been closed to outside investors.

With the liberalisation of the telecommunications sector in Ethiopia, Kenyan banks such as KCB and Equity which have representatives in the country are now waiting on the wings.