The Ethiopian Investment Commission Deputy Commissioner, Zinabu Yirga, held a discussion on investment opportunities in the recently opened banking and financial sector in Ethiopia with representatives of Zenith Bank, one of Africa’s leading international financial institutions.
In the discussion, the Ethiopian Investment Commission Deputy Commissioner Zinabu Yirga stated that Ethiopia is ready to welcome reliable and giant international financial institutions, noting that Ethiopia being the third-largest economy in Sub-Saharan Africa, the expansion of trade relations with other countries, and the existence of grand infrastructure and industrial projects have created a favorable environment to conduct long-term financial sector investment.
The Group Head of Foreign Branches and International Market Expansion of Zenith Bank, Olukayode Akinbinu, stated that Zenith Bank has a strong desire to invest in the country’s financial market by utilizing the opportunities created by Ethiopia’s rapidly growing economy, recent sectoral reforms, and the liberalization of banking and financial services.
He added that the bank is currently evaluating investment opportunities in Ethiopia by focusing on digital and technology-based financial solutions as well as financing large government-led projects.
Zenith Bank is headquartered in Lagos, Nigeria, and is a giant financial institution operating through branches and representative offices in Africa and key international financial centers, providing corporate, retail, digital, and infrastructure financial services.
The bank’s interest in engaging in the financial sector in Ethiopia will support the country’s efforts to strengthen financial inclusion, mobilize capital for development, and strengthen the country’s financial ecosystem.
The Ethiopian Investment Commission also confirmed its commitment to work in cooperation with relevant stakeholders and to support Zenith Bank’s process of exploring investment and partnership opportunities with other institutions in Ethiopia, as Ethiopian Investment Commission reported it.
