StockMarket.et looked beyond the fee schedules to find out what it actually costs investors to trade securities in Ethiopia’s emerging capital market. While six licensed intermediaries have published their rates, the total cost of a transaction also includes statutory fees charged by the Ethiopian Securities Exchange (ESX) and the Ethiopian Capital Market Authority (ECMA).
Statutory fees
ESX and ECMA charge fixed transaction fees on every trade, uniform across all firms and security types.
| Security type | ESX | ECMA | Statutory subtotal |
|---|---|---|---|
| Equity — Main & Growth | 0.360% | 0.150% | 0.510% |
| Equity — OTC / unlisted | 0.500% | 0.150% | 0.650% |
| Mutual funds & ETFs (equity-linked) | 0.360% | 0.150% | 0.510% |
| Mutual funds & ETFs (bond-linked) | 0.360% | 0.005% | 0.365% |
| Corporate bonds | 0.021% | 0.005% | 0.026% |
| GoE treasury bills | 0.021% | 0.005% | 0.026% |
| GoE treasury bonds | 0.021% | 0.005% | 0.026% |
| Commercial paper | 0.021% | 0.005% | 0.026% |
| Sub-national bonds | 0.021% | 0.005% | 0.026% |
| Sukuk | 0.021% | 0.005% | 0.026% |
Fees for the interbank money market and repo segment, and for Central Securities Depository services, are not yet determined.
Broker commission
The ESX fee schedule sets maximum brokerage commissions of 1.6% for Main and Growth Market equity, 2% for the OTC and unlisted market, and 1.6% for mutual funds and ETFs. Published commissions, exclusive of statutory fees:
| Security type | Awash | CBE Capital | Ethio Fidelity | FAB | Siinqee | Wegagen |
|---|---|---|---|---|---|---|
| Equity — Main & Growth | 1.60% | 1.60% | 1.50% | 1.50% | 1.59% | 1.60% |
| — negotiated floor | n/d | n/d | 1.30% | n/d | n/d | 1.40% |
| Equity — OTC / unlisted | 2.00% | 2.00% | 1.90% | 2.00% | 2.00% | 2.00% |
| Mutual funds & ETFs | 2.00% | 2.00% | 1.60% | 2.00% | 1.60% | 1.60% |
| Fixed income — OTC / unlisted | n/d | n/d | n/d | n/d | 2.00% | n/d |
| Corporate bonds | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Treasury bills | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Treasury bonds | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Commercial paper | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Sub-national bonds | n/d | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Sukuk | n/d | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
n/d = not disclosed in the firm’s published schedule.
Two firms publish negotiated floors below their headline rate: Ethio Fidelity at 1.30% and Wegagen at 1.40% on Main and Growth Market equity.
All-in transaction cost
Commission plus ESX and ECMA fees:
| Security type | Awash | CBE Capital | Ethio Fidelity | FAB | Siinqee | Wegagen |
|---|---|---|---|---|---|---|
| Equity — Main & Growth | 2.110% | 2.110% | 2.010% | 2.010% | 2.100% | 2.110% |
| — at negotiated floor | n/d | n/d | 1.810% | n/d | n/d | 1.910% |
| Equity — OTC / unlisted | 2.650% | 2.650% | 2.550% | 2.650% | 2.650% | 2.650% |
| Mutual funds & ETFs (equity) | 2.510% | 2.510% | 2.110% | 2.510% | 2.110% | 2.110% |
| Mutual funds & ETFs (bond) | n/d | n/d | n/d | n/d | 1.965% | n/d |
| Fixed income — OTC / unlisted | n/d | n/d | n/d | n/d | 2.505% | n/d |
| Corporate bonds | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% |
| Treasury bills | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% |
| Treasury bonds | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% |
| Commercial paper | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% |
| Sub-national bonds | n/d | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% |
| Sukuk | n/d | 0.126% | 0.126% | 0.126% | 0.126% | 0.126% |
On a 100,000 birr purchase of Main and Growth Market equity, execution costs range from 2,010 birr to 2,110 birr. A buy and sell of the same position costs between 4,020 and 4,220 birr at headline rates, or 3,620 birr at the lowest published negotiated floor.
Fixed-income instruments carry an all-in cost of 0.126% across all six firms.
Ranking — Main & Growth Market equity
| Firm | Commission | All-in |
|---|---|---|
| Ethio Fidelity Securities | 1.30% (negotiated) | 1.810% |
| Wegagen Capital | 1.40% (negotiated) | 1.910% |
| Ethio Fidelity Securities | 1.50% (headline) | 2.010% |
| First Addis (FAB) | 1.50% | 2.010% |
| Siinqee Investment Bank | 1.59% | 2.100% |
| Awash / CBE Capital / Wegagen | 1.60% (headline) | 2.110% |
The spread between the lowest and highest headline commission is 10 basis points.
Non-transaction fees
| Firm | Fee type | Amount |
|---|---|---|
| Wegagen Capital | Portfolio transfer out | ETB 500 |
| Awash Investment Bank | Not disclosed | — |
| CBE Capital | Not disclosed | — |
| Ethio Fidelity Securities | Not disclosed | — |
| First Addis (FAB) | Not disclosed | — |
| Siinqee Investment Bank | Not disclosed | — |
Market context
ESX admitted First Addis Investment Bank and Siinqee Investment Bank as trading members on 8 May 2026, bringing the total number of authorised market participants to seven. They joined Wegagen Capital Investment Bank, CBE Capital Investment Bank, Awash Capital Investment Bank, Ethio Fidelity Securities and Gadaa Securities Dealers. ESX announced the admission of Prime Capital S.C. as a trading member on 2 July 2026.
The exchange amended its fee schedule for the first time on 2 May 2026, following ECMA approval. The amendment introduced listing fee caps based on market capitalisation while leaving existing listing fee rates unchanged, and set a reduced transaction fee of 0.18% for block trades in the Equity Main and Growth Markets. Companies with market capitalisations above ETB 20 billion face a maximum applicable listing fee of ETB 7.5 million, while firms valued at ETB 500 million or below pay a minimum of ETB 250,000.
On pricing practices among intermediaries, ECMA senior capital market advisor Solomon Bekele told Birrmetrics that the regulator has received no formal complaints regarding pricing, though it has heard allegations of zero-fee arrangements, and that at this stage of market development the market should be allowed to evolve naturally.
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