There were 518 equity trades on the Ethiopian Securities Exchange in the week to 21 August for a total value traded of ETB 50.7m ($311,000) as momentum builds. The total value of shares bought and sold since secondary trading began passed ETB 1 bn ($6m) by the end of June 2026.

The new ESX Chief Executive Officer of the is Yodit Kassa, formerly the Chief Operating Officer. Founding CEO Tilahun Esmael Kassahun stepped down in early August after leading the ESX almost from the start of the project phase, through the launch, to the current level of activity.

Bank of Abyssinia (BoA) became the sixth listed company on 28 July and trades under the ticker BOAX (ESX webpage for listed companies is here ).

More banks and other companies, including NIB Insurance, are in the pipeline. The Ethiopian Capital Market Authority (ECMA) has issued many announcements after approving their share registrations . Some of these could list in coming months.

Money market passes $18bn

There were 59 trades in the week to 21 August in the money market (overnight and 7-day loans) with a total value of ETB57.7 billion ($357.6m). Since the interbank money market launched launch in October 2024, total value traded on the ESX trading system is ETB 3 trillion ($18.6bn) by end June cumulatively since its .

The ESX fixed-income webpage says that currently no treasury bills are listed. Since this market launched on 5 September 2025 a total of 54 T-bills bills have been listed. The latest was a 182-day T-bill listed on 5 February, which matured on 6 August. The value was ETB 22.8 billion and the weighted average yield of the accepted bids was equivalent to 14.482% per year. Yields on the 182-day T-bills have come down from 16.620% for the T-bill auctioned on 10 December 2025 and a peak of 19.152% annual equivalent for the T-bill issued in 25 June 2025.

Trading members

There are eight trading members of the ESX (see ESX trading members webpage here), after Prime Capital joined in a certification ceremony on 2 July. The process to join the ESX includes being licensed by the ECMA and completing the ESX’s membership admission requirements.

The ECMA lists 20 licensed market participants (list of licence holders here), including 11 Securities Investment Advisors (Corporate), 7 Investment Banks and 2 Securities Dealers.

On 20 August Wegagen Capital Investment Bank announced the results of its first full year of operations. It received total revenue of ETB 141m ($876,000) and profit before tax of ETB 46.6m ($289,500). Some 64% of income came from advisory services with 22 mandates executed in the year to June, followed by net interest income (31%) and brokerage commission (5%) as the team added 3,850 trading accounts.

The ESX project team

Tilahun is a pioneering manager and was central in advancing the capital market. In May 2022, he joined the ESX project office which had been set up as a partnership between Ethiopian Investment Holdings and FSD Africa. He guided it through strategy, recruiting and training the team, setting policies and standards, technical and regulatory development, raising capital, obtaining operating licences and the top-profile launch by Prime Minister Abiy Ahmed in January 2025. He built the momentum of listings and new trading members. He has previously worked with the International Finance Corporation for six years. He studied international law and economics in Barcelona and Milan up to a doctorate.

According to the ESX press announcement: “Tilahun led the Exchange from its inception to becoming a fully-fledged securities exchange, leaving behind an enduring legacy in institution building and market development. His leadership was instrumental in establishing the foundations of Ethiopia’s securities market and positioning ESX as a trusted institution serving issuers, investors and the broader financial sector.

“ESX successfully brought together stakeholders across government, domestic and foreign investors completing a landmark capital raise, putting place the governance, talent, technological and operational foundations. Dr. Tilahun also cultivated strong relationships with shareholders, regulators, market participants, development partners and other stakeholders whose trust and support have been instrumental to ESX’s progress”.

Michael Habte, the previous COO, was also key in setting up the technology and shaping much of the framework and structure. He was a key driver of the team from the project office in 2022 until November 2025 and is currently applying for a licence to launch NileBridge Investment Bank (under formation).

Yodit has also been with the ESX since project phase. She joined in September 2023 as Chief Business Officer before advancing to COO. She has strong skills in running and developing trusted, respected and fast-growing institutions, including a key part in growing the momentum behind Ethiopia’s Association of Chartered Certified Accountants ACCA from 2014-2023.

Several other individuals were key members of the ESX project team, initially set up under the National Bank of Ethiopia, and the ESX Board members have also worked extremely hard and strategically.

The announcement of the CEO change was on 7 August and the farewell by the ESX Board and team for Tilahun was reported on 27 August.