Gadaa Becomes Second Bank to List on Ethiopian Securities Exchange
TLDR
- Gadaa Bank S.C. has become the second bank to list on the Ethiopian Securities Exchange (ESX), following formal approval of its prospectus
- The listing represents a major step in Ethiopia’s financial sector reform and signals growing confidence in the country’s public capital markets
- The move is significant as Gadaa Bank is the first among its peer group with a relatively short operational history to be publicly listed
Gadaa Bank S.C. has become the second bank to list on the Ethiopian Securities Exchange (ESX), following formal approval of its prospectus by the Ethiopian Capital Market Authority (ECMA) on June 17, 2025. The listing represents a major step in Ethiopia’s financial sector reform and signals growing confidence in the country’s public capital markets.
The move is significant as Gadaa Bank is the first among its peer group with a relatively short operational history to be publicly listed. The listing features a broad base of shareholders, opening the door to greater capital formation and increased investor participation.
During the ESX trading floor ceremony, CEO Wolde Bulto highlighted the bank’s intention to utilize the listing to drive innovation and expand its tailored financial services. Board Chair Dr. Hassen Hussien stressed trust and corporate governance as key to the bank’s long-term strategy.
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Key Takeaways
Gadaa Bank’s debut on the ESX marks another milestone in Ethiopia’s evolving financial architecture. With the country gradually liberalising its financial system—including its recent decision to allow foreign banks into the sector—the expansion of public capital markets is essential to funding long-term economic growth. The ESX, launched in 2024, aims to provide businesses with access to equity and debt capital while giving local and diaspora investors new investment channels. The listing of Gadaa Bank shows that younger institutions are embracing public markets as a means to scale and professionalize governance. Dr. Tilahun E. Kassahun, CEO of the ESX, described the listing as proof of rising trust in Ethiopia’s capital market infrastructure. For Gadaa Bank, it offers visibility, liquidity, and access to growth capital in a market where formal equity fundraising options have historically been limited. As more banks and corporates consider listings, the ESX is gradually positioning itself as a central platform for Ethiopia’s financial inclusion and private sector growth ambitions.
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