The Ethiopian Capital Market Authority (ECMA) has granted licences to three new service providers, marking another step in the country’s effort to deepen its financial market.

The licences, issued on October 1, increase the number of licensed capital market service providers from eight to eleven. The new entrants include First Addis Investment Bank PLC, licensed as an investment bank, alongside Ignite Capital PLC and Zuri Capital S.C, both authorised as securities investment advisers.

They join an expanding roster of firms already cleared by the regulator, including CBE Capital Investment Bank, Wegagen Capital Investment Bank, Ethio Fidelity Securities, HST Investment Advisors, Equation Securities, i-Capital Africa Institute, and D & T Management Consulting.

Hana Tehelku, director-general of ECMA, said the addition of new players would strengthen the institutional base of Ethiopia’s capital market and promote a more inclusive and transparent financial system.

The move comes against the backdrop of a series of milestones for Ethiopia’s nascent capital markets. In January 2025, the country officially launched the Ethiopian Securities Exchange (ESX), listing Wegagen Bank as its first company. Authorities project that about 90 firms, including large state-owned enterprises such as Ethio Telecom, could be listed within the next decade.

Ethiopia introduced its capital market framework in 2021 and has since been implementing reforms to diversify financing options and attract foreign and domestic investors.