On February 12, 2026, Ethiopian Capital Market Authority (ECMA) granted License to BDO Consulting PLC, part of a BDO Advisory a global network with over 95,000 people in 169 countries, which provides specialized consulting services to improve business efficiency, manage risk, and support growth.
The license brings the total number of licensed CMSPs in Ethiopia to 16, including 9 Securities Investment Advisors. Here is a complete list of licensed CMSPs in Ethiopian capital market.
Securities Investment Advisory
- BDO Consulting PLC
- D&T Management Consulting PLC, Formerly Deloitte
- I-Capital Africa Institute PLC
- Ethio-Capital Solutions PLC
- Equation Securities Investment Advisor PLC
- HST Investment Advisory Services PLC
- Ignite Capital PLC
- Zuri Capital S.C.
- ProInvest Capital PLC
Investment Banks
10. CBE Capital Investment Bank S.C.
11. Wegagen Capital Investment Bank S.C.
13. First Addis Investment Bank PLC
Securities Dealer
16. Ethio Fidelity Securities S.C.
17. Gadaa Securities Dealer S.C.
Why are there no Securities Brokers?
Investment banking license is an all-in-one license, which allows authorized CMSPs to act as a financial advisor, underwriter, dealer and broker. Under the Capital Market Service Providers Licensing and Supervision Directive No. 980/2024, authorizes Investment Bank category licensee to perform multiple roles that are often separate in other markets. They can act as;
Securities Broker: Executing trades for clients.
Securities Dealer: Trading for their own account.
Underwriter: Guaranteeing the sale of new share issues.
Financial Adviser: Providing corporate finance and investment advice.
Does this mean standalone brokers won’t exist? No!
The Directive does allow for a standalone Securities Broker license (with a lower capital requirement of 10 million ETB compared to the 100 million ETB for an Investment Bank). However, because the big commercial banks have the capital and the existing client base, they are opting for the “All-in-One” Investment Bank route to dominate the market early on.
Even though the firm has an all-in-one license, the individuals executing the trades cannot just be any bank employee.
Appointed Representatives: The Investment Bank must have at least one individual licensed specifically as a Trader by the ECMA (Article 49).
Separation of Duties: If an Investment Bank is acting as a broker, it must strictly segregate its brokerage activities from its other functions to avoid conflicts of interest (e.g., “Chinese Walls” between the advisory and trading desks).