← Erudite Africa Center of ExcellenceCapital MarketSchool of Capital Markets and InvestmentFoundational
Introduction to Capital Markets
What capital markets do, why Ethiopia built one and how ECMA, ESX and the market's institutions fit together
A foundational course on Ethiopia's new capital market, following one fictional share company from private placement to listing and trading on the Ethiopian Securities Exchange.
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What you will be able to do
- Explain the role of capital markets in mobilising long-term savings and financing growth
- Distinguish primary and secondary markets, equity and debt, and exchange and OTC trading
- Describe the institutions in the Ethiopian capital market and what each does
- Trace a share company's journey from private placement to ESX listing and trading, naming the institution at each step
- For
- Bank, insurance and corporate staff new to capital markets, and staff of newly licensed capital market service providers such as investment banks, brokers and advisers. No prerequisites.
- Study time
- About 5 hours online, in 5 modules (16 hours in the classroom version)
- Each module
- Short lessons, animated visuals, Ethiopian examples, decisions to make, the laws and directives that apply and worked calculations, then a quiz
- Assessment
- A 20-question final exam; pass mark 70%
- Certificate
- Erudite Africa Center of Excellence certificate of completion
- Access
- Module 1 free for registered users; the full course, exam and certificate for subscribers
The 5 modules
- Module 01Free previewWhy capital markets matterSee how capital markets turn long-term savings into long-term investment, how market finance differs from bank finance, and why Ethiopia rebuilt a market after a gap of almost fifty years.6 lessons · 50 min · quiz
- Module 02How the market is structuredSeparate primary from secondary markets, money markets from capital markets and exchange from OTC trading, and see how the ESX Main Board, Growth Board and Fixed Income Market fit together.5 lessons · 55 min · quiz
- Module 03The instruments investors buyUnderstand shares, government and corporate bonds, Treasury bills, collective investment schemes and future derivatives: what each pays, what can go wrong and who uses it.5 lessons · 55 min · quiz
- Module 04The institutions and who does whatMeet ECMA, ESX, the central securities depository and the licensed service providers, and see how the NBE and the Ministry of Finance fit in, by following Meskerem from private placement to its first trade.5 lessons · 65 min · quiz
- Module 05Investors and the Ethiopian market todayUnderstand who invests and what each may buy, read the first steps of the Ethiopian market, and complete Meskerem's journey from listing to everyday trading.5 lessons · 60 min · quiz
- Officer simulationA month as capital markets associate at Bank A CapitalWork as capital markets associate, client desk: 12 real-life items, decisions with consequences and a hand-over note. Pass with 70% to qualify for the certificate.
- Final examFinal exam and certificate20 applied questions across all 5 modules. Pass with 70% to download your certificate.
Built on
- Erudite Africa training module: Ethiopian Context, topic 2.a Introduction to Capital Markets, Level 1 (October 2026)
- Capital Market Proclamation No. 1248/2021 and National Bank of Ethiopia Proclamation No. 1359/2025
- ECMA Directives No. 980/2024 (service provider licensing) and No. 996/2024 (fees); directives on exchanges and OTC (reported as No. 1009/2024) and public offers (reported as No. 1030/2024); draft Foreign Portfolio Investment Regulation (September 2026)
- Ethiopian Securities Exchange Rulebook (December 2024)
- NBE Directive No. SBB/92/2024 and NBE Monetary Policy Committee release No. 7 (July 2026)
Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.