Just months into its operation, the Ethiopian Securities Exchange (ESX) is already reshaping the country’s financial future. Tucked away in a modest building in Addis Ababa, the trading floor is now buzzing with early activity and high hopes.

Created through a public-private partnership, ESX aims to democratize finance by offering small and medium-sized businesses a chance to raise capital. The listings began with banks like Wegagen, but officials say the real target is Ethiopia’s underserved SME sector.

Led by CEO Tilahun Kassahun, ESX has built a regulatory framework with the help of the Ethiopian Capital Market Authority to ensure investor protection and transparency. So far, trading volumes have been modest, but the interest both domestic and foreign is growing steadily.
“We don’t want a casino-style stock market,” Kassahun said in a recent interview. “We want this to be a place where real businesses raise real money to expand.” ESX plans to list at least 90 firms over the next 10 years, offering investors a new way to tap into one of Africa’s fastest-growing economies.

For many Ethiopians, the launch of ESX represents more than just financial reform—it’s a symbol of national progress. As the country continues opening its economy, the exchange could become a gateway to broader regional and international markets.