One year in, the Ethiopian Securities Exchange has 3 listed companies, 90,000+ shareholders, and over 1 trillion birr traded on its interbank money market. The infrastructure for Africa's next major capital market is taking shape.
The Ethiopian Securities Exchange launched January 10, 2025. After one year of operations, Wegagen Bank, Gadaa Bank, and Ethio Telecom are listed, the interbank money market has exceeded 1 trillion birr in trading volume, and market indices are expected by June 2026.
14+ capital market service providers are now licensed by ECMA — including investment banks (CBE Capital, Wegagen Capital, Awash Capital, First Addis, Siinqee), securities dealers (Ethio Fidelity, Gadaa Securities), and investment advisors (Ignite Capital, Zuri Capital, BDO Consulting).
ECMA Directive No. 980/2024 establishes the regulatory framework for digital sub-brokers — enabling technology platforms like EthioShare to operate under licensed broker/dealer sponsors.
Over $5 billion in annual international remittances are seeking investment channels. Digital sub-brokers can bridge the gap between international investors and the ESX.
After listing Wegagen Bank, Gadaa Bank, and completing Ethio Telecom's landmark ETB 3.2B IPO, the ESX is accelerating. Six banks — Dashen, Bank of Abyssinia, Awash, Abay, Anbesa, and Amhara — are advancing toward listing. Bank of Abyssinia secured ECMA approval in January 2026 to register 18.1 million shares.
The capital market ecosystem has grown rapidly. Recent additions include Awash Capital Investment Bank, Gadaa Securities Dealers, Siinqee Investment Bank, First Addis Investment Bank (the first non-banking group), and advisory firms Ignite Capital, Zuri Capital, and BDO Consulting.
The regulatory framework for sub-brokers is in place. Digital sub-brokers must maintain a minimum net worth of 1,000,000 Birr, operate under a sponsoring broker/dealer, and maintain joint custodian accounts. ESX is also fast-tracking a mobile application to expand investor access beyond Addis Ababa.