The government of Ethiopia recently passed a law that will enable Ethiopian in other parts of the world to invest in the country’s financial services industry. Quartz Africa reports that this move will open up the country’s industry which has been dominated by state-owned institutions.

Opportunities to place capitals, buy stocks or establish businesses related to banking and finance are now available to Ethiopians in the diaspora or those who are now nationals of other countries. Ethiopia does not allow its citizens to take dual citizenship.

The announcement was taken positively by Ethiopians in the diaspora. It is also expected to have a positive impact on the country’s economy, especially as there are almost 5 million Ethiopians around the world. This number also includes Ethiopian residents of the country bearing foreign nationalities.

In fact, some Ethiopians in the diaspora have already expressed interest in investing in the finance sector. Black Rhino managing director Mimi Alemayehou said that she is “keen to invest.” She has also communicated with other Ethiopians who are interested in funnelling capital toward the country’s financial industry.


According to the report, this move is also consistent with the government’s push towards a more liberal economy. In the past months, the Ethiopian government announced its decision to privatize State-owned telecom firm, Ethio Telecom.

These moves toward liberalization are being pushed since Prime Minister Abiy Ahmed took office. However, Ethiopia’s central bank said that this can take a few years to be successfully implemented.

Many individuals perceive this as a “test trial for [the] eventual full liberalization” of the country’s industries. Meanwhile, economist Ephraim Kebede said that they will not know the full effect of this bill until it happens. Kebede also warned would-be investors against combining economic and political agendas.

Previous articleWoman’s UC Stopped for Missing an Appointment after Miscarriage
Next articleCitibank Indonesia Records Profit Jump of 97%
A Filipino-Chinese, Maricar Sze is highly educated and well travelled. With a Bachelor of Science in Computer Studies majoring in Information Technology. She is a business owner providing services to small to medium businesses in Australia. In earlier years, Maricar worked for American companies Verizon and MCI in Technical Support activities. Over some 8+ years in the SEO industry, Maricar is also a Google Certified Ads Specialist. With skills and expertise, she is responsible for shaping and implementing website optimisation, content marketing, PPC and quality measures for digital campaigns. Other interests include travelling, watching Netflix, and frequently volunteers at children hospitals or shelters.