Bunna Bank S.C. completed the securities registration process with the Ethiopian Capital Market Authority (ECMA)
Source: https://birrmetrics.com/
Bunna Bank S.C. has completed the securities registration process with the Ethiopian Capital Market Authority (ECMA), positioning the lender to join Ethiopia’s expanding equity market as more companies enter the formal securities trading system.
ECMA said it approved Bunna Bank’s Registration Statement on June 23, 2026, registering 61,895,598 existing shares held by shareholders and 2,587,002 new shares approved for offer to existing shareholders.
Bunna Bank’s registration comes as the Ethiopian Securities Exchange (ESX) continues to expand its equity market, which has surpassed the 1 billion birr mark as listed companies and investors gradually enter the country’s emerging capital market.
The first wave of issuers has largely been led by financial institutions and major companies. Wegagen Bank, Gadaa Bank, Ethio telecom and Awash Bank have already been listed on ESX, while Abay Bank is expected to join the exchange on Thursday morning.
Other institutions that have received securities registration approval from ECMA include Dashen Bank, Bank of Abyssinia, Zemen Bank, Habesha Breweries and Addis International Convention Center, reflecting the growing pipeline of issuers preparing to participate in the market.
The increasing number of registered securities and listed companies marks an early phase in Ethiopia’s effort to develop equity financing as an alternative source of capital beyond traditional bank lending.
The expansion of listed companies comes as Ethiopia’s capital market moves from regulatory establishment into an operational phase, with equity financing gradually emerging as an alternative source of capital for businesses beyond traditional bank lending.
However, the market’s rapid development has also exposed early-stage challenges. Birrmetrics reported earlier this month that competition among capital market service providers has intensified, with some firms introducing zero-commission models as they seek to attract investors.
Market observers have also pointed to the dominance of retail investors in the early phase of the market, while institutional participation remains limited partly due to stringent requirements around listing, disclosure and governance standards.
Operational issues have also emerged as market infrastructure develops. Addis Fortune reported that the Central Securities Depository (CSD) faced challenges related to system integration, including duplicate registrations and manual reconciliation processes. The report also highlighted data inconsistencies between the CSD and the Fayda national digital identity system, creating mismatches in investor records.
ECMA clarified that Bunna Bank’s registration notice only confirms regulatory approval of the securities registration and should not be interpreted as an endorsement of the offer or a solicitation to purchase the shares.
The regulator said continued participation by issuers and investors will support the development of a transparent and regulated capital market ecosystem.
