Ethiopia’s Capital Market Authority has issued its first investment bank licenses to CBE Capital S.C. and Wegagen Capital S.C. Additionally, Ethio Fidelties Securities S.C. has become the first securities dealer. Governor Mamo Mihretu praised the advancement towards financial inclusivity, while the leadership includes two women CEOs. A total of nine licenses have now been approved by ECMA.
Ethiopia’s Capital Market Authority has awarded its first investment bank licenses to CBE Capital S.C. and Wegagen Capital S.C., which are now operating as independent subsidiaries of their parent banks. This marks a significant development in Ethiopia’s financial sector.
During an event held at the Sheraton Addis Hotel, additional capital market service licenses were granted, including one to Ethio Fidelties Securities S.C., which has become the first securities dealer in Ethiopia’s emerging capital market.
Mamo Mihretu, Governor of the National Bank of Ethiopia, commended the newly licensed firms for their contributions to financial inclusion and economic growth, indicating that these licenses represent a pivotal moment in the nation’s financial history.
Abebawu Zewude, Board Chairman of Ethio Fidelties Securities S.C., noted the firm’s demographic of shareholders, comprised of local financial sector personnel and international traders. His company has a vision for substantial influence in the sector with a paid-up capital of 50 million birr.
Further, Abebawu shared insights on the goals of Ethio Fidelties Securities S.C., emphasizing support for business owners and investors facing difficulties related to issuing and selling shares.
Hana Teheklu, Director General of ECMA, expressed satisfaction that of the five newly licensed firms, two are led by women CEOs. In total, the ECMA has now granted nine licenses, further expanding the opportunities within the capital market.
The issuance of the first investment bank licenses in Ethiopia, which includes CBE Capital and Wegagen Capital as independent entities, marks a milestone in the country’s financial landscape. With the introduction of Ethio Fidelties Securities S.C. as the first securities dealer and recognition of women’s leadership in the sector, Ethiopia is moving towards enhancing financial inclusivity and stimulating economic growth. The diverse ownership structure and commitment to overcoming market challenges illustrates a promising future for Ethiopian finance.
Original Source: shega.co
