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Abay Bank S.C. has listed its shares on the Ethiopian Securities Exchange Main Market under the ticker ABAYB. The move makes it the fifth company admitted to the exchange and the fourth private commercial bank to list since trading began in January 2025.
The listing was done by introduction, meaning existing shareholders can trade their shares on the regulated market without the bank raising new capital. Even without a fresh fundraise, the move improves price discovery, transparency and liquidity in Ethiopia’s fledgling market.
The admission also brings the exchange closer to its target of nine listed companies before the end of Ethiopia’s 2025/26 fiscal year on July 7. That pace underscores how quickly the country is trying to build a capital market after more than 50 years without an organised securities exchange.
Ethiopia launched the exchange in January 2025 as part of Prime Minister Abiy Ahmed’s broader economic liberalisation agenda. The reforms include foreign exchange changes, partial opening of strategic sectors to private investment, telecom liberalisation and wider efforts to modernise the economy.
The exchange has already attracted some of Ethiopia’s biggest financial institutions. Wegagen Bank and Gadaa Bank were the first to list, followed by Awash Bank, while state-owned Ethio Telecom became the first non-financial company to join the market in May 2026.
More banks are expected to follow. Dashen Bank and Bank of Abyssinia have already completed securities registration, while Anbesa Bank and Amhara Bank are also reported to be moving through regulatory preparation.
The broader significance is bigger than one bank listing. Ethiopia has long relied on retained earnings and bank loans because it had no organised equity market, so each new listing deepens the pool of tradable securities and gives investors more regulated access to the country’s largest companies.
If the exchange reaches its target of 50 listed firms by 2030, it could reshape how businesses raise capital in one of Africa’s largest frontier economies. For now, Abay Bank’s entry is another sign that Ethiopia’s long-missing stock market is becoming a real financial platform rather than just a policy project.
