Pour the buna. This week’s number is 4 trillion. That is how many birr have now changed hands on Ethiopia’s Interbank Money Market since it opened in October 2024. The jump from 3 trillion to 4 trillion took about four months, the fastest single-trillion increase the market has recorded.
The rest of the week moved on several fronts at once. The Ethiopian Securities Exchange admitted its ninth trading member. Siinqee Bank’s founding president left to run Oromia’s new sovereign fund. Hibret Bank reported its year, and Dashen Bank launched a travel card with Ethiopian Airlines and Mastercard. First-quarter export figures came in at $3.14 billion, led by gold. A geothermal project changed hands, a long-delayed dam opened in Gondar, and Aliko Dangote bought a quarter of Kenya’s fuel pipeline company.
Here is the week.
Capital Market
Prize Worth Investment Bank becomes ESX’s ninth trading member
Prize Worth Investment Bank S.C. received its membership certificate on Thursday at a ceremony at the Ethiopian Securities Exchange’s head office, bringing the number of firms licensed to trade on the bourse to nine. It was admitted after obtaining a licence from the Ethiopian Capital Market Authority (ECMA) and meeting the exchange’s membership requirements.
As a trading member, Prize Worth can now execute buy and sell orders for clients on the ESX trading platform.
“A strong network of qualified intermediaries is essential to expanding investor access and building market confidence,” said ESX Chief Executive Officer Yodit Kassa, who called the admission “another step forward for Ethiopia’s capital market.” The exchange said it continues to work with members on professionalism, operational capacity and regulatory compliance.
Interbank money market crosses ETB 4 trillion
The Interbank Money Market (IMM), run by the National Bank of Ethiopia (NBE) and executed on the ESX electronic platform, has passed ETB 4 trillion in cumulative transactions. Banks use it to lend to and borrow from each other overnight or for seven days, at market-set rates.
How the total has built up:
| Milestone | When |
| ETB 135 billion | Mid-January 2025 (pilot) |
| ETB 500 billion | Early April 2025 |
| ETB 834 billion | Early July 2025 |
| ETB 1 trillion | September 2025 |
| ETB 2 trillion | March 2026 |
| ETB 3 trillion | Early June 2026 |
| ETB 4 trillion | October 2026 |
Former ESX CEO Tilahun Kassahun has said interbank trading used to hover around ETB 100 billion a year. In its first year, the platform traded more than ETB 1 trillion, ten times the initial forecast. The IFC and ESX are helping set up a national dealers’ association for the local-currency and foreign-exchange interbank markets.
Ignite Capital moves ahead with AfDB-backed SME equity programme
Ignite Capital, which describes itself as Ethiopia’s first equity crowdfunding platform, is advancing a $1.84 million programme to prepare small and medium-sized enterprises for equity investment, Birrmetrics reports. The initiative, Financing the Missing Middle, aims to connect Ethiopian businesses with diaspora, angel and other private investors.
Financing breakdown:
- Fund for African Private Sector Assistance (FAPA): $999,250 (about 54.4%). FAPA is financed by the Government of Japan and administered by the African Development Bank
- Ignite Capital: $479,632
- GIZ: $358,400
An AfDB announcement on October 19 opened the latest phase: Ignite Capital is seeking consultants to help selected businesses prepare financial statements, business plans and investment proposals. The investment-readiness component has a total budget of $738,500, and the digital crowdfunding platform component $175,000. The grant funds technical assistance and infrastructure, not direct equity stakes in businesses. The AfDB has not disclosed how many SMEs will be supported or how much private investment is expected.
The programme runs alongside ECMA’s work on a crowdfunding directive. A public consultation on the draft was held in Addis Ababa on October 15, where questions were raised about whether private limited companies can raise equity through crowdfunding under the Commercial Code.
Banking
Neway Megersa to lead Oromia Sovereign Fund; Getachew Deressa acting CEO at Siinqee
Neway Megersa, Siinqee Bank’s founding president, has been appointed Chief Executive Officer of the Oromia Sovereign Fund. Siinqee has named Getachew Deressa as Acting Chief Executive Officer. A permanent successor will require NBE approval.
Siinqee grew out of Oromia Credit & Saving S.C. and received its banking licence on February 16, 2022, with subscribed capital of 15 billion birr and paid-up capital of 7 billion birr. The bank reports:
- More than 50 billion birr in credit extended to about 250,000 borrowers
- Close to 600 branches and more than 11,000 employees
- About 38% of new loans directed to agriculture
About 70% of Siinqee’s shares are held by public companies under the Oromia Regional State. Before his move, Neway had outlined plans for a Siinqee Group of up to 10 subsidiaries, including an investment bank, an insurer, a lease financing business and a microfinance institution. At the federal level, Ethiopia’s sovereign wealth fund, Ethiopian Investment Holdings, is led by Brook Taye.
Hibret Bank: pre-tax profit of 5.46 billion birr
Hibret Bank reported pre-tax profit of 5.46 billion birr for the year to June 30, 2026, up 4.71 billion birr from the previous year, according to the board’s report to its 21st Regular and 5th Emergency General Assembly. Board Chairman Mesfin Tesema said the bank had absorbed the impact of foreign exchange liberalisation and returned to profitability.
- Total deposits: 124 billion birr (up 33.8%)
- Loans, including interest-free: 99.49 billion birr (up 25.43%)
- Total assets: 150.63 billion birr (up 22.22%)
- Total capital: 16.95 billion birr (up 37.96%)
- Foreign currency generated: $433.3 million (up $133.24 million)
- Non-performing loans: below the NBE ceiling
The board urged shareholders to complete payment for unpaid shares to meet the NBE’s new risk-based capital adequacy directive, with the chairman describing the capital increase as “an obligation.” Excavation for the bank’s new headquarters is underway.
Dashen, Ethiopian Airlines and Mastercard launch a ShebaMiles Platinum card
Dashen Bank has launched a co-branded Platinum prepaid Mastercard linked to Ethiopian Airlines’ ShebaMiles loyalty programme. The card was unveiled on Thursday at the Sheraton Addis.
Holders earn benefits on everyday and travel spending, in addition to flight miles. Listed privileges include:
- Access to more than 1,600 airport lounges through Mastercard Airport Experiences
- Airport Fast Track at selected airports
- Global data roaming, which Mastercard’s Shehryar Ali said amounts to 1GB of free flexi-roaming in any destination
The card comes in physical and virtual form; the virtual card can be set up through the Dashen Bank SuperApp, which the bank says has more than 2 million active users. Dashen CEO Asfaw Alemu said he had been told this is Mastercard’s first co-brand of this kind in Africa; the press release does not confirm the claim. Shehryar said the three institutions worked on the project for a year and a half, and that ShebaMiles has 5.7 million members.
Economy
Exports reach $3.14 billion in Q1, led by gold
Ethiopia earned $3.14 billion from exports in the first quarter of the 2026/27 fiscal year, up 25.75% from $2.49 billion a year earlier, the Ministry of Trade and Regional Integration said. That is 96.5% of the $3.25 billion target.
| Sector | Earnings | Plan achieved | Change y/y |
| Mining | $1.73 billion | 102.8% | +$505.85 million (41.45%) |
| Agriculture | $1.22 billion | 91.5% | +$178.94 million |
| Manufacturing | $111.40 million | 64.6% | –$0.75 million |
| Electricity | Not disclosed | 121.1% | – |
Mining made up about 55% of total export revenue. The ministry attributed the growth mainly to higher gold deliveries by artisanal producers to the NBE, which it linked to the macroeconomic reform programme. Gold earned about $5.5 billion in 2025/26, nearly half of merchandise exports.
For agriculture, the ministry credited action against illegal hoarding, stronger quality controls, revised reference prices, better buyer verification, fewer illegal checkpoints and lower transport costs on Ethiopian Railways. Nine operational industrial parks generated about $47.4 million during the quarter.
The full-year target is $13.4 billion, against a record $11.2 billion last year. Meeting it would require about $3.42 billion a quarter over the remaining nine months.
Addis Ababa adds 500 million birr for consumer cooperatives
The Addis Ababa City Administration has allocated an additional 500 million birr in revolving funds to consumer cooperatives, after discussions with stakeholders on what it described as unjustified price increases in meat, cooking oil, bread, bottled water and housing rents, Birrmetrics reports.
The city also plans to:
- Set up and expand market centres at main entry points so producers can sell directly to consumers
- Expand Sunday markets and the volume of goods sold through them
- Step up market inspections and enforcement against unjustified price increases
On rents, officials said landlord-tenant relations must follow the law and contracts, and encouraged tenants to pursue complaints through legal channels. No rent ceilings or implementation timetable were announced. Separately, Birrmetrics reports that the Addis Ababa Butchers’ Association agreed to sell stewing and frying meat at 2,500 birr per kilogram from October 24, a cut of 500 birr, following talks with the city trade bureau.
Energy and Infrastructure
Taranis takes majority stake in Corbetti geothermal
Taranis Operations Ltd, a family-owned investment and project development company, has completed the acquisition of a majority interest in Corbetti HoldCo Limited, operator of the Corbetti geothermal project. Taranis will commit up to $27 million to the next phase of exploration and development. InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), which has supported the project since 2015, keeps a significant minority stake.
The next phase centres on exploration drilling to confirm the resource. Taranis plans an initial 50MW plant, with a possible further 100MW subject to results. Corbetti lies about 250 km south of Addis Ababa; Corbetti Geothermal PLC signed a Power Purchase Agreement and an Implementation Agreement with Ethiopian Electric Power and the government in 2020.
Megech dam opens in Gondar
Prime Minister Abiy Ahmed inaugurated the Megech Irrigation Dam in Gondar on Friday, joined by Ghanaian President John Dramani Mahama. The dam has a storage capacity of 185 million cubic metres and is expected to irrigate more than 17,000 hectares. It will also supply drinking water to Gondar and nearby towns.
The project was planned nearly two decades ago, with construction starting around 2014, and went through repeated delays and contractor changes. Officials say the reservoir is also expected to support fisheries, urban agriculture and tourism.
Regional
Dangote buys 25% of Kenya Pipeline Company for $327 million
Aliko Dangote says his group has bought a 25% stake in Kenya Pipeline Company (KPC), Bloomberg reports. He announced the deal at an event in London on Wednesday, without naming which of his companies made the purchase.
The figures match a block trade on the Nairobi Securities Exchange: Business Daily reported on October 19 that 4.5 billion KPC shares worth KES 42.5 billion ($327 million), about 24.76% of issued shares, changed hands. The sellers were state-linked institutions that bought in when KPC listed on March 9.
After the sale, the Kenyan government holds 35% of KPC, the National Social Security Fund about 22.2% and Uganda National Oil Company 20.15%. President William Ruto welcomed the transaction; opposition MP Ndindi Nyoro called for more disclosure. KPC runs the pipeline network carrying refined fuel inland from Mombasa. Kenya broke ground on September 30 on the Dangote-backed Lamu refinery, designed for 700,000 barrels a day.
Corporate
Ethiopian Airlines ranked Ethiopia’s most valuable brand
Ethiopian Airlines has been ranked Ethiopia’s most valuable brand, at $323.9 million, in the 2026 global company value assessment, according to the Ethiopian Intellectual Property Authority (EIPA). The authority attributed the result to a customer-centred operation focused on service quality.
🎥 From Our Channels
What is it really like to be a retail investor in Ethiopia? We sat down with retail investor Nahom Daniel to talk about his investment journey, the challenges he has faced and what he expects from Ethiopia’s capital market. Watch here
የሰነደ መዋዕለ ንዋይ ገበያ ዲጂታል ንዑስ ደላላ ተግባራት ምን ምን ናቸው? Part three of our Amharic series on capital market service providers looks at what digital sub-brokers do and the services they offer. ተጋበዙልን
📖 Deep Dive: Your Money, Pooled and Protected
In September 2026, ECMA issued Directive No. 1150/2026 on the Operation of Collective Investment Schemes, a 137-page, 176-article rulebook for investment funds. This week’s deep dive follows a saver’s money through it, from the day a fund is registered to the day the investor cashes out.
The piece covers the six types of fund the directive allows, from money market funds to real estate investment funds and ETFs; the registration process, including a 30-business-day ECMA review and annual renewal; and the three-way split of power between the fund operator, an independent custodian and a majority-independent board. It sets out the key limits: borrowing capped at 20% of a fund’s value (40% for property funds), a 20% cap on any single company for most public funds, and redemptions paid within five business days. It closes with the article’s assessment of what the directive covers well, where it leaves gaps, and what it means for savers, fund promoters and banks.
The interbank market passed 4 trillion birr, the ESX added a ninth trading member, and ECMA’s rules for investment funds got a full walkthrough. Banks reported results and launched new products, gold carried the first export quarter, and a new regional sovereign fund got its first chief executive.
See you next Monday ☕