Who Is Listed and Trading, and Who Is Just Registered?
Ethiopia’s capital market pipeline outpaces its trading floor, ECMA and ESX data show
Ethiopia’s capital market has moved from concept to functioning exchange in eighteen months, but the gap between paperwork and the trading floor remains wide. At least 13 companies have had their securities registered by the Ethiopian Capital Market Authority (ECMA) since the regulator began approving registration statements under the Public Offer and Trading of Securities Directive No. 1030/2024. Only six of them are currently trading on the Ethiopian Securities Exchange (ESX).
Who Is Listed
Wegagen Bank opened the exchange in January 2025, followed by Gadaa Bank five months later. Ethio Telecom joined the Main Market in May 2026, then Awash Bank, Abay Bank, and Bank of Abyssinia listed in quick succession between April and July. Bank of Abyssinia rang the bell on July 28, the most recent addition to the board.
| Company | Ticker | Date Listed |
|---|---|---|
| Wegagen Bank | WGBX | Jan 10, 2025 |
| Gadaa Bank | GDAB | Jun 13, 2025 |
| Ethio Telecom | TELE | May 26, 2026 |
| Awash Bank | AWAB | Apr 23, 2026 |
| Abay Bank | ABAYB | Jun 25, 2026 |
| Bank of Abyssinia | BOAX | Jul 28, 2026 |
Who Is Registered but Not Yet Listed
ECMA’s issuer registry, together with its public notices, shows registrations for Dashen Bank, Addis International Convention Center, and Habesha Breweries dating back to late 2025 and early 2026. More recently, Addis Bank, Zam Zam Bank, and Sidama Bank registered their shares in June and July, and Nib Insurance became the first insurance company to register, with approval granted July 28. Three banks, Dashen, Anbesa, and Amhara, also hold Approval in Principle to list on the ESX Main Market, a status ESX confirmed in February. None have converted that into an active listing yet.
| Company | Date Registered |
|---|---|
| Dashen Bank | Dec 24, 2025 |
| Habesha Breweries | Dec 31, 2025 |
| Addis International Convention Center | Jan 30, 2026 |
| Addis Bank | Jun 29, 2026 |
| Zam Zam Bank | Jun 29, 2026 |
| Sidama Bank | Jul 20, 2026 |
| Nib Insurance | Jul 28, 2026 |
Why the Gap Exists
Registration with ECMA is a regulatory checkpoint, not a trading debut. A company can register its existing shares to satisfy the Directive’s disclosure requirements well before it lists, and several issuers, including Dashen Bank and Habesha Breweries, have sat in that registered-but-unlisted state for six months or longer. ESX leadership has pointed to a pipeline of more than 70 prospectuses under review as of December 2025, a figure that dwarfs both the registered and listed counts and suggests the real bottleneck sits earlier, at the prospectus review stage, rather than at the point of listing itself.
A Caveat on the Numbers
ECMA does not publish a running public count of total registered issuers, so this tally is built from the regulator’s issuer registry combined with individual registration notices reported through July 2026. The actual number registered is likely higher, since the registry’s last confirmed update predates several of the most recent approvals.