The National Bank of Ethiopia is currently processing applications from two foreign banks seeking to establish greenfield operations in the country. This move follows Ethiopia’s recent policy reform that ended a five-decade ban on foreign banking, aiming to boost capital, competition, and financial inclusion in Africa’s second-most populous nation. While the identities of the applicants remain undisclosed, the development signals a significant shift as major African lenders, including Nigeria’s Zenith Bank and FirstBank, continue to evaluate the newly opened, yet highly regulated, Ethiopian market.