ZamZam Bank Wins ECMA Approval to Issue One Million New Shares
ZamZam Bank has received approval from the Ethiopian Capital Market Authority (ECMA) to issue one million new shares, marking another milestone in Ethiopia’s developing capital market as financial institutions align with the country’s new securities regulations.
In a public notice, the Authority announced that it approved the bank’s Registration Statement on June 29, 2026, registering both five million existing shares already held by shareholders and one million new shares authorized to be offered to existing and new investors.
The registration was carried out under the Public Offer and Trading of Securities Directive No. 1030/2024, which requires issuers to register securities before offering them to the public and to register shares held by existing shareholders following the introduction of Ethiopia’s new capital market framework.
Unlike a conventional public listing, the registration does not automatically constitute a public offer. ECMA emphasized that the approval should not be interpreted as an endorsement of the securities or as a solicitation for investors to buy shares.
However, the approval allows ZamZam Bank to proceed with the issuance of the newly authorized shares in accordance with applicable securities regulations and any conditions attached to the offering.
The development comes as Ethiopia continues implementing reforms aimed at strengthening its capital market, with banks and other companies increasingly registering their securities under the supervision of the Capital Market Authority.
Several financial institutions have completed similar registration processes in recent months as the sector prepares for broader participation in the country’s emerging securities market.
As Ethiopia’s first fully fledged interest-free commercial bank, ZamZam Bank has continued expanding its operations since commencing business, while positioning itself to take advantage of new financing opportunities created by the country’s evolving capital market.