Bahrain-based iibGroup has secured approval from the National Bank of Ethiopia to establish a representative office in Addis Ababa, becoming the first international financial institution to receive such a license since Ethiopia began liberalizing its financial sector.

The move places iibGroup among the earliest foreign entrants positioning themselves in Ethiopia’s newly opening financial landscape. Recent reforms are expected to create fresh opportunities in areas such as foreign direct investment, trade facilitation, and financial innovation.

Although around 15 representative offices already operate in the country, iibGroup’s approval is the first issued under the updated regulatory framework—highlighting growing international interest in Ethiopia’s evolving market.

The group, which already operates in neighboring Djibouti through its regional arm, plans to leverage the critical Ethiopia–Djibouti trade corridor. This route handles the majority of Ethiopia’s imports and exports, making it a strategic focus for the company’s regional expansion.

According to the company, the Addis Ababa office will primarily focus on building partnerships with local financial institutions, conducting market intelligence, and acting as a bridge for Ethiopian businesses seeking access to international banking services.

“We aim to connect Ethiopian enterprises with global markets,” said Aynalem Ababu. “At the same time, we are keen to support inbound investment into key national projects, including the Bishoftu Airport Project and its associated aerotropolis development.”

iibGroup Chairman Sohail Sultan described Ethiopia as one of the most promising frontier markets in global finance, noting that the company intends to expand further as the country’s regulatory environment continues to open.

Operating across East Africa, the Middle East, West Africa, and the Caribbean, iibGroup provides banking, investment, and advisory services, with a focus on sectors such as trade finance, digital infrastructure, and financial inclusion.