Kcb Group, Led By Kenyan Banker Paul Russo, Eyes Ethiopia Entry

KCB explores acquisitions in Ethiopia after banking reforms, targeting growth opportunities in one of Africas largest untapped financial markets.

CEO Paul Russo seeks exemption from Ethiopias 49 foreign ownership cap, leveraging Kenyas diplomatic ties and exploring local partnerships.

Expansion builds on KCBs fintech investments, including Riverbank Solutions, strengthening its regional growth strategy and digital banking footprint.

Kenya Commercial Bank KCB Group Plc, a Nairobi-based financial services company led by Kenyan banker Paul Russo, is positioning for entry into Ethiopia after the country began liberalizing its banking sector.

The planned expansion highlights Nairobis ambition to extend its financial reach into one of Africas largest untapped markets, with KCB weighing an acquisition and exploring possible exemptions from foreign ownership limits.

Ethiopia, with a population exceeding 120 million, started loosening restrictions on its tightly controlled banking system in late 2024. The National Bank of Ethiopia began accepting applications from foreign lenders in June 2025, permitting them to set up subsidiaries or take minority stakes.