Abay Bank S.C. has listed its shares on the Ethiopian Securities Exchange (ESX) Main Market under the ticker ABAYB, becoming the fifth company to join Africa’s youngest stock exchange and the fourth private commercial bank to debut since trading began in January 2025.
The listing marks another milestone for Ethiopia’s efforts to build a modern capital market after operating for more than five decades without an organised securities exchange.
Wegagen Bank and Gadaa Bank were the first companies to list on the ESX last year, followed by Awash Bank, Ethiopia’s largest private commercial bank, which joined the Main Market in April.
The exchange broadened beyond financial institutions in May when state-owned Ethio Telecom became its first non-bank listing after a public share offer that attracted more than 47,000 investors, signalling growing retail interest in the country’s emerging equity market.
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Like the other banks currently on the exchange, Abay Bank listed by introduction, meaning its existing shares have been admitted to trading without issuing new shares or conducting a public offer.
Tilahun Kassahun, CEO of ESX, said the addition of the bank represents another step towards building a transparent, efficient and well-regulated capital market capable of supporting the country’s economic transformation.
The latest listing comes as the exchange races to meet its target of nine listed companies before the close of Ethiopia’s fiscal year on July 7, 2026.
Dashen Bank and Bank of Abyssinia, both of which have completed securities registration with the Ethiopian Capital Market Authority (ECMA), are widely expected to be among the next entrants. Anbesa Bank and Amhara Bank are also at advanced stages of regulatory preparation.
The steady pipeline reflects growing momentum behind the country’s capital market reforms which form part of broader efforts to liberalise Africa’s second most populous nation, attract long-term investment and provide companies with alternative sources of financing beyond traditional bank lending.
Since its launch in January 2025, the ESX has outlined an ambitious roadmap to expand the market to 50 listed companies by 2030. While the exchange remains in its early stages, successive listings by leading financial institutions and large corporates are expected to improve market liquidity, broaden investment opportunities and strengthen investor confidence in Ethiopia’s nascent securities market.
