Ethiopia still ‘under banked’ despite 34% increase in bank branches
Central bank praises ‘remarkable achievement’ but says more needs to be done
Ethiopia remains under-banked "even at [the] African standard", despite a 34% increase in the number of bank branches in fiscal year 2013, according to the National Bank of Ethiopia's latest annual report.
Across the 19 banks open in the country, there was a branch network of 1,724 as of July 2013, an increase of 435 from 1,289 a year earlier. The central bank described this as a "remarkable achievement", but insisted there was more to be done.
"Ethiopia remains as one of the [most] under-banked
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