Business : Ethiopians with non-Ethiopian citizenship required to give up shares in the banking sector

November 17,2016


Government in Ethiopia wants Ethiopians with non-Ethiopian citizenship to give up shares in the banking and insurance sectors. They are given 60 days to return share certificates,according to Addis Fortune report.

Whether the new regulation is informed by politics or business is not known. while bigger banks in Ethiopia may be able to do fine without shares from non-Ethiopian citizens of Ethiopian origin, the regulation is prone to have a negative impact on the business of small banks and insurance in the country.

Addis Fortune report also indicates that banks thorough out Ethiopia are given directives to report to law enforcement bodies identities of share holders who are not of Ethiopian citizenship

Addis Fortune report is available here

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