Standard Bank Becomes First Foreign Bank Licensed Under Ethiopia’s Amended Proclamation.

— The National Bank of Ethiopia (NBE) has officially licensed Standard Bank’s Representative Office under the newly amended Banking Business Proclamation, making it the first foreign bank to be licensed in Ethiopia under the revised framework.

In a statement, the NBE said the licensing “marks the beginning of a new regulatory era” and confirmed that full authority over foreign representative offices (REPOs) has now been transferred to the central bank.

Previously, the licensing and supervision of foreign bank offices fell under the Ministry of Trade and Regional Integration. With the amended proclamation, these responsibilities are now directly overseen by the NBE.

“The National Bank of Ethiopia has started re-licensing foreign bank advisory offices that were previously operating under the Ministry of Trade and Regional Integration,” the statement noted. The bank added that it is currently reviewing new applications submitted under the updated framework.

Standard Bank, which already maintains a representative office in Ethiopia, has become the first institution to complete the transition. According to the NBE, representative offices will serve strictly as liaison and business development centers. Their functions will include conducting market research, building institutional relationships, and promoting their parent banks.

However, the NBE emphasized that representative offices are not permitted to provide banking services or conduct financial transactions.