How to invest in Ethiopia — the ESX beginner guide.
Step-by-step guide to opening a brokerage account and buying ESX-listed shares. Covers both Ethiopian residents and diaspora investors.
Step by step
Six steps to your first ESX investment.
01
Get an NBE-verified National ID
You need a valid Ethiopian National ID or passport to open a brokerage account. Foreign nationals in the diaspora can use their passport. Make sure your name matches exactly across all documents.
02
Open a Central Securities Depository (CSD) account
The CSD is the official registry of share ownership in Ethiopia. You must open a CSD account before you can hold any ESX-listed shares. This is done through a licensed broker or directly via the ESX portal at esx.et.
03
Choose a licensed broker
Only ECMA-licensed brokers can execute trades on the ESX. As of April 2026, licensed brokers include CBE Capital, Wegagen Capital and others. Check ecma.gov.et for the current full list.
04
Fund your brokerage account
Transfer funds from your Ethiopian bank account to your brokerage account. Diaspora investors can fund via international wire transfer to a designated correspondent bank account. Minimum amounts vary by broker.
05
Place a buy order
Once funded, you can place a buy order through your broker platform or by contacting them directly. Specify the ticker, number of shares and the maximum price you are willing to pay. Orders are matched on the ESX trading system.
06
Monitor your portfolio
After purchase, your shares are held in your CSD account. You can track prices on BirrBank or directly on esx.et. Dividends are paid directly to your registered bank account when declared by the company.
Glossary
Key concepts explained.
ESX
Ethiopian Securities Exchange — the official stock exchange of Ethiopia, launched in January 2025. Regulated by ECMA.
ECMA
Ethiopian Capital Markets Authority — the regulatory body overseeing the ESX, brokers, and IPO prospectuses.
CSD
Central Securities Depository — the official registry that records who owns which shares. You must have a CSD account to hold ESX shares.
IPO
Initial Public Offering — when a company offers shares to the public for the first time. The price is fixed during the IPO; after listing it floats freely.
P/E ratio
Price-to-Earnings ratio — share price divided by annual earnings per share. A lower P/E can indicate a cheaper stock relative to its earnings power.
Dividend yield
Annual dividend per share divided by share price, expressed as a percentage. How much income you receive per ETB invested.
Investor FAQ
Frequently asked questions.
Can diaspora Ethiopians buy ESX shares?
Yes. Diaspora investors with Ethiopian nationality can open a CSD account and buy shares through a licensed broker. You will need a valid Ethiopian passport and a foreign currency account at an authorised bank to fund your account.
What is the minimum amount to invest?
There is no official minimum share purchase on the ESX, but brokers typically set their own minimums — often ETB 5,000 to ETB 10,000. For T-bills, the NBE minimum is ETB 1,000 for short tenors.
Are there taxes on share gains in Ethiopia?
Dividend income is subject to a 10% withholding tax in Ethiopia. Capital gains tax rules for ESX-listed shares are still being developed by the Ethiopian Revenue and Customs Authority. Consult a licensed tax adviser for your specific situation.
How liquid is the ESX?
As of April 2026, only a small number of companies are listed on the ESX and daily trading volumes are modest. You may not always be able to sell quickly at your desired price. The ESX is expected to become more liquid as the IPO pipeline converts to listings.
What is the difference between an IPO and buying on the ESX?
An IPO is when shares are offered to the public for the first time at a fixed price. After listing, shares trade on the ESX at market prices set by supply and demand. IPO allocations are often oversubscribed — you may receive fewer shares than you applied for.
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