The Ethiopian Capital Market Authority (ECMA) has granted investment banking licenses to AMG Investment Bank PLC and NileBridge Investment Bank PLC, following what the regulator described as a rigorous application review process. The licenses were presented on Friday, November 13, 2026, at the ECMA's head office in Addis Ababa.
The approvals lift the total number of licensed capital market service providers in Ethiopia to 23 and the number of licensed investment banks to 11.
Board and representative approvals
Alongside the two licenses, the ECMA approved the appointment of eight appointed representatives and ten board directors across the two new investment banks. The regulator did not disclose the names of the individuals or the ownership structures of the two institutions in its announcement.
Regulator's message to new entrants
ECMA Director General Dagmawit Shiferaw handed the licenses to the leadership of both banks and congratulated them on completing the process. She urged the two licensees to provide market-standard professional services and to help ensure transparent and fair market transactions, as well as equitable distribution of wealth.
The authority said it remains committed to building a strong, inclusive and resilient capital market in Ethiopia.
Why it matters
Investment banks are the intermediaries that underwrite securities, advise on listings and help arrange capital raises. A larger pool of licensed investment banks gives issuers and investors more options as the Ethiopian Securities Exchange (ESX) builds out its product range beyond equities. The ESX currently trades a small set of listed bank shares, including Awash Bank (AWAB), Bank of Abyssinia (BOAX), Wegagen Bank (WGBX) and Abay Bank (ABAYB), according to Aksion.ET market data.
The licensing also follows a steady expansion of the ECMA's roster of capital market service providers, which now stands at 23. Recent Aksion.ET coverage has tracked the arrival of new trading members and lead distributors for offerings such as the Dangote Petroleum Refinery shares, pointing to a market that is gradually widening its intermediary base.
The ECMA did not indicate when the two new investment banks will begin operations or which specific services they will offer first.
ABAYB1229.64
AWAB2399.15
BOAX1832.86
GDAB1003.49
SIDAX1300
TELE407.23
WGBX1071.33
