Ethiopia’s Capital Market Authority has issued its first investment bank licenses to CBE Capital S.C. and Wegagen Capital S.C. Ethio Fidelties Securities S.C. has become the country’s first securities dealer. The initiative aims to foster financial inclusivity and economic growth, with a focus on supporting company owners and investors.
Ethiopia’s Capital Market Authority has officially issued its inaugural investment bank licenses to CBE Capital S.C. and Wegagen Capital S.C., both of which are now operating as independent subsidiaries of their founding commercial banks. This landmark development marks a new chapter in the evolution of the country’s financial landscape.
During a ceremonial event at the Sheraton Addis Hotel, three additional capital market service licenses were awarded. Among them, Ethio Fidelties Securities S.C. emerged as the first securities dealer within Ethiopia’s nascent capital market, facilitating the growth of this sector.
Mamo Mihretu, Governor of the National Bank of Ethiopia, commended the newly licensed firms for their potential to enhance financial inclusivity and stimulate economic growth. He underscored that these licenses represent a pivotal milestone in Ethiopia’s financial history.
Abebawu Zewude, Board Chairman of Ethio Fidelties Securities S.C., expressed gratitude, stating, “Our shareholders are individuals involved in the local financial sector and international trade. We aim to support company owners and investors who have long faced challenges…” He highlighted the firm’s paid-up capital of 50 million birr and its aspiration to lead in the sector.
Hana Teheklu, Director General of the Ethiopian Capital Market Authority (ECMA), celebrated the achievement, noting that two of the five newly licensed institutions are led by women CEOs. Additionally, two licenses were granted to investment securities advisors, thus increasing the total number of ECMA-approved licenses to nine.
The issuance of Ethiopia’s first investment bank licenses marks a significant advancement in the nation’s financial market. CBE Capital S.C. and Wegagen Capital S.C. are paving the way for enhanced financial services, supported by collaborative efforts of government officials and private entities. The establishment of Ethio Fidelties Securities S.C. further underscores the growing inclusivity and potential of the financial sector in Ethiopia.
Original Source: shega.co
