Nyala Insurance S.C (NISCO), a prominent insurance company in Ethiopia, has signed a memorandum of understanding (MoU) with the Ethiopian Securities Exchange (ESX) to purchase 20 million Birr worth of shares.

NISCO’s equity investment in the Ethiopian Securities Exchange shows its dedication to fostering the growth of capital markets in Ethiopia. This investment is part of ESX’s founding members’ investments, as detailed in the Information Memorandum along with Ethiopian Investment Holdings (EIH).

At the MoU signing ceremony held at NISCO’s Head Office, Ato Yared, CEO of Nyala Insurance, announced the company’s investment in the Ethiopian Securities Exchange (ESX), emphasizing its importance in advancing Ethiopia’s financial sector. Ato Yared emphasized the company’s commitment to supporting initiatives that promote growth and innovation in the insurance industry.

Dr. Tilahun E. Kassahun, CEO of the Ethiopian Securities Exchange, welcomed NISCO as a founding member, stating that their investment is timely as ESX finalizes its capital raise process. He believes NISCO’s participation will greatly benefit ESX and the development of Ethiopia’s capital markets. Dr. Tilahun highlighted that ESX will serve as the hub of Ethiopia’s capital markets, offering equities, fixed income, money markets, and alternative markets. The establishment of ESX is set to provide investors with a dependable platform for capital allocation, driving economic growth in Ethiopia.

Established in 1995 with 7 million paid-up and 25 million subscribed, Nyala Insurance S.C. has built a strong reputation for offering innovative insurance products tailored to the needs of the underserved segments of society based on their needs and demands. NISCO has seen significant growth, with paid-up capital of Br 1.084 billion and total assets of Bir 3.8 billion. The company operates through 49 service outlets in Ethiopia and is recognized for its strong financial performance.