Your weekly dose of Ethiopia’s sharpest business, economic, and finance news.
Grab your buna and catch up on what’s moving Ethiopia’s markets and economy this week.
Capital Markets & Securities
ECMA Reviews 66 Listing Applications
Ethiopia’s capital markets regulator is currently reviewing 66 prospectuses submitted by companies seeking approval to issue securities. Over 45 applications come from the financial sector—including banks, insurance firms, and microfinance institutions—highlighting strong interest from regulated financial players. The surge in applications reflects growing confidence in Ethiopia’s emerging capital market as authorities push to expand long-term financing options and market participation. (Source: Bloomberg)
ECMA Registers 18.125 Million Bank of Abyssinia Shares
The Ethiopian Capital Market Authority (ECMA) has registered 18.125 million shares of Bank of Abyssinia S.C. The registration includes 15 million existing shares and 3.125 million new shares approved for issuance via a rights offer. ECMA emphasized that this notice is for disclosure only and does not constitute an endorsement or solicitation. The move aligns financial institutions with Ethiopia’s evolving capital market regulations. Read more
ECMA Registers 12.211 Million Addis International Convention Center Shares
ECMA has registered 12.211 million shares of Addis International Convention Center S.C., covering both existing shares and aligning the company with Ethiopia’s Public Offer and Trading of Securities Directive No. 1030/2024. This reflects ongoing efforts to standardize securities registration, increase market transparency, and strengthen investor confidence. Read more
Banking & Finance
Zemen Bank Crosses 100 Billion Birr Asset Mark
Zemen Bank now has total assets of 106 billion birr and posted a gross profit exceeding 5 billion birr in the first half of FY2025/26. Customer deposits reached 80 billion birr, while paid-up capital hit 14 billion birr, demonstrating strong depositor confidence. This builds on last year’s momentum when net profit surged 145% to 5.87 billion birr. Read more
Bank of Abyssinia Deposits Top 300 Billion Birr
Bank of Abyssinia (BoA) surpassed 300 billion birr in total deposits during H1 FY2025/26, up from 243.2 billion birr at FY2024/25-end. Total assets reached 286.2 billion birr. BoA also reported a 91.4% jump in net profit to 7.3 billion birr, earned $663 million in FX, and served over 11.6 million customers. Growth was driven by customer acquisition, digital banking, and interest-free banking services. Read more
Ethiopia’s Eurobond Restructuring Stalls
Ethiopia’s plan to restructure its USD 1 billion Eurobond hit a roadblock after the Official Creditors Committee (OCC) rejected an agreement in principle (AIP) reached with private bondholders. The deal included a 15% haircut, a new USD 850 million bond maturing in 2029, and a USD 350 million repayment due in July 2026. The OCC cited “comparability of treatment” concerns, pausing restructuring under the G20 Common Framework. Ethiopian authorities remain committed to negotiating a fair deal aligned with IMF program commitments. Read more
Telecom & Digital Economy
Ethio telecom Reports Strong First-Half Growth
Ethio telecom posted ETB 85.0 billion in revenue (up 37% YoY) and ETB 42.36 billion in EBITDA with a 49.8% margin in H1 FY2025/26, under its “Next Horizon: Digital & Beyond 2028” strategy. Customer base grew to 87.1 million, while telebirr users reached 58.6 million, adding 4.7 million in six months.
Infrastructure expansions included 278 new mobile sites, 4G coverage in 1,069 towns, and international internet capacity of 3 Tbps. Mobile data traffic rose 46.8%. Telebirr generated ETB 4.1 billion in revenue and facilitated ETB 1.94 trillion in transactions. Ethio telecom also registered 10.8 million citizens for the national digital ID (90% of total registrations). Cost savings reached ETB 4.15 billion, and taxes paid totaled ETB 35.6 billion. Read more
EthSwitch Records Over 107 Million P2P Transactions
EthSwitch reported 107.4 million P2P transactions, doubling last year’s volume, 67.6 million interoperable ATM transactions (+15% YoY), and nearly 2 million interoperable POS transactions (+55% YoY). The results highlight Ethiopia’s expanding digital payments ecosystem and the central role of EthSwitch in promoting financial inclusion. Read more
Foreign Exchange & Gold Markets
Ethiopia’s Largest FX Auction Clears at 154.82 Birr/USD
The National Bank of Ethiopia (NBE) sold USD 500 million in its largest FX auction since the July 2024 reform. Total bids reached USD 592.3 million. The weighted average clearing rate was 154.82 birr/USD, broadly stable despite the larger auction size. Thirty-one banks participated, with 25 securing allocations. The narrow bid range and stable rate indicate improving market absorption and price discovery under Ethiopia’s auction-based FX system. Read more
Ethiopia Launches Automated Interbank FX Market
Ethiopia officially launched its first Automated Interbank Foreign Exchange Market via the Ethiopian Securities Exchange (ESX). The platform allows commercial banks to trade FX in real-time, with market-driven rates. NBE expects improved transparency, price discovery, liquidity management, and stronger supervision under a rules-based framework. Read more
Ethiopia Opens Gold Market to Private Banks, Ends Miner Premium
The NBE will phase out the premium for artisanal miners and allow private banks to buy gold directly, reducing market distortions and central bank risks. Gold exports jumped from 4 to nearly 39 metric tons in 2024/25. The reforms aim to normalize gold pricing, improve quality controls, and gradually exit NBE from direct market participation. Source: Birrmetrics
Trade & Economic Policy
Ethiopia Lost $24.6 Billion to Trade Misinvoicing (2013–2022)
According to Global Financial Integrity (GFI), Ethiopia lost USD 24.6 billion to trade-related illicit flows, ranking among Africa’s top ten countries affected. Losses stem from import/export under- and over-invoicing, reflecting weaknesses in customs valuation, trade monitoring, and enforcement. Across Sub-Saharan Africa, trade misinvoicing drained USD 113 billion per year on average. GFI warns such outflows erode tax revenues, limit spending on health and education, and increase debt reliance. Ethiopia’s tax-to-GDP ratio fell to just 7.5% in 2022/23.
Stay tuned for next week’s insights, where we unpack more sectoral trends and policy moves shaping Ethiopia’s future.
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