ECMA Licenses Gadaa Securities as Ethiopia’s Second Securities Dealer

Ethiopia’s capital market regulator has issued a new securities dealer license, marking another incremental step in the country’s still-nascent capital market.

Officially issued today, December 24, 2025, the Ethiopian Capital Market Authority (ECMA) has granted the Capital Market Service Provider (CMSP) license to Gadaa Securities Dealer S.C., authorizing the firm to operate as a securities dealer.

The first licensed securities dealer in Ethiopia was Ethio‑Fidelity Securities S.C., which received its license in March 2025. With this approval, the total number of licensed capital market service providers in Ethiopia has risen to 14.

Gadaa Securities is a spin-off of Gadaa Bank, which became the second bank to list on Ethiopia’s Securities Exchange earlier this year, registering over 1.23 million shares. 

ECMA also approved the licensing of four appointed representatives and the appointment of six board directors within Gadaa Securities, clearing the firm’s governance structure to operate under the regulator’s framework.