ECMA Licenses Three New Capital Market Firms, Bringing Total Service Providers to 21

Ethiopia’s capital market continued its steady expansion after the Ethiopian Capital Market Authority (ECMA) granted licenses to three new capital market service providers, increasing the total number of licensed firms operating in the country’s emerging securities industry to 21.

The new licenses were formally presented during a ceremony at ECMA’s headquarters on Friday, where Director General Hana Tehelku urged the new entrants to uphold high professional standards and support the development of an inclusive and transparent capital market.

The newly licensed firms include PrizeWorth Investment Bank S.C., which received an investment banking license, alongside BluFin Capital Advisory PLC and Lumina Capital PLC, both of which were licensed as Securities Investment Advisors.

With the latest approvals, the number of licensed investment banks in Ethiopia has increased to eight, while the number of licensed securities investment advisors has reached eleven, reflecting the continued build-out of the country’s capital market infrastructure following the launch of the Ethiopian Securities Exchange.

As part of the approval process, ECMA also licensed 10 Appointed Representatives and approved the appointment of 15 board directors to oversee the governance of the newly authorized firms.

Speaking during the licensing ceremony, Hana Tehelku urged the new institutions to deliver services with professionalism, integrity, and a strong commitment to investor protection, emphasizing the importance of maintaining public trust as Ethiopia’s capital market continues to develop.

The latest approvals come as Ethiopia’s securities industry gains momentum through the licensing of new intermediaries, the registration of listed companies, and the expansion of investment banking and advisory services. Regulators have been steadily broadening the market ecosystem to improve access to capital for businesses while creating new investment opportunities for domestic and international investors.

The addition of the three firms marks another step in ECMA’s efforts to deepen the country’s financial markets as Ethiopia continues implementing reforms aimed at establishing a modern and well-regulated capital market.