Ethiopian Capital Market Authority announced that it has licenced five new firms to provide capital market services.
The authority held a licensing ceremony for capital market service providers that play a key role in the capital market.
Accordingly, licenses were granted as Securities Investment Advisors to CBE Capital S.C., Investment Bank, Wegagen Capital Investment Bank S.C., Ethio-Fidelity Securities S.C., Securities Market Operator, HST Investment Advisory Services PLC., and Equities Securities Investment Advisors PLC.
Governor of the National Bank and Chairman of the Board of the Capital Market Authority, Mamo Mehretu, said during the licencing event that the move is of great benefit to the improvement of the Ethiopian financial system, ENA reported.
The Director General of the Capital Market Authority, Hana Tehelku, recalled that the market, which could play a significant role in the country’s economic growth, has not been properly harnessed.
She said the market has come to functionality after establishing the Capital Market Authority and developing operating systems.
The current license is the first investment bank and securities market operator in Ethiopia to be licensed and increases the number of capital market service providers licensed from 4 to 9.