Ecobank Transnational Incorporated (ETI) at the weekend announced the opening of its Ethiopian representative office in Addis Ababa.
This brings the total number of countries in Sub-Saharan Africa in which Ecobank has a presence to 35.
The group obtained a licence to operate a representative office in July 2013. The representative office is located in the Yerer Ber district of Addis Ababa, close to both the airport and the city center.
Via the Addis Ababa representative office, local Ethiopian banks would be able to access Ecobank’s correspondent banking and trade finance activities across Africa as well as correspondent banking in Europe.
According to the Group Chief Executive Officer, ETI, Mr. Thierry Tanoh: “Ethiopia has emerged as one of Africa’s most exciting new markets and is forecast to be the world’s third fastest growing economy between 2011 and 2015, behind only China and India.”
“Our Addis Ababa representative office will provide us with an opportunity to establish an important foothold in Ethiopia, ahead of the anticipated deregulation of the banking sector.”
According to him, with continued market reforms and the government’s pro-business agenda, Ethiopia was positioned for sustained rapid growth and the introduction of mobile banking would be a game changer in terms of bringing financial services to the country’s unbanked population of about 80 million people.