Terms of Reference: Senior Advisor, Business, Market and Product Development

1. Background

The Ethiopian Securities Exchange (ESX) is Ethiopia’s first and only organized securities exchange. It was established as a private public partnership under Article 31 of the Capital Market Proclamation No. 1248/2021. ESX operates the business of a securities exchange, functions as a Self-Regulatory Organization (SRO), and serves as the central market organizer across the equities, fixed income and money market segments.

ESX’s core objective is to facilitate access to capital and support effective capital allocation in a way that contributes to Ethiopia’s economic growth. To do this, the Exchange must bring new issuers to market, build an informed investor base, widen the range of products available, and earn the trust of market participants and the public.

These tasks sit with the Business Development Department, which has four units: Communications, Investor Education, Market Development, and Product Development. The Department is also responsible for partnerships with government institutions, regulators, development partners and market participants.

2. Objectives of the Assignment

The overall objective is to strengthen ESX’s capacity to plan, design and deliver business, market and product development initiatives that increase the number of issuers, broaden investor participation, and widen the range of products traded on the Exchange.

The specific objectives are to:

  1. Prepare, and support the execution of, a multi-year business and market development plan with clear targets, budgets and responsibilities.
  2. Establish a structured approach for identifying, engaging and preparing prospective issuers of equity and debt, including SMEs.
  3. Guide the design and rollout of priority products and services within the applicable regulatory framework by working closely with key partners.
  4. Strengthen ESX’s investor education, communications and partnership programs so that they produce measurable results.
  5. Build the skills, tools and procedures of the Department so that it can sustain this work independently.

3. Scope of Work

The Advisor’s work is organized in four components. The first three cover the substance of the role; the fourth ensures that skills and systems remain with ESX.

Component A: Business Development

  1. Review ESX’s business plan and the Department’s current work plans. Assess progress, gaps and constraints, and present the findings in a diagnostic report along with the existing work done.
  2. Prepare a three-year business and market development plan aligned with ESX’s corporate objectives, with annual targets, budgets, responsibilities and an implementation schedule.
  3. Analyze ESX’s current and potential revenue sources, including listing, trading, data and value-added services, and recommend options to diversify revenue.
  4. Support the development and management of partnerships with government institutions, regulators, development partners, market intermediaries and peer exchanges. This includes preparing concept notes and funding proposals for development partner support.
  5. Commission, oversee and review market research and business development assessments.
  6. Design a monitoring and evaluation framework for the Department, with KPIs for each unit, and support the preparation of periodic performance reports.
  7. Prepare briefing notes and papers for the CEO and the Board on business development matters, as requested.

Component B: Market Development

  1. Issuer pipeline. Design a structured approach for identifying, engaging and preparing prospective issuers, including banks, insurers, state-owned enterprises, large private companies and SMEs. Set up a pipeline tracking tool and an engagement plan with clear stages and responsibilities.
  2. SME segment. Provide technical guidance to the SME Capital Readiness Program and advise on measures that make listing and debt issuance practical for growth-stage companies.
  3. Investor base. Develop a plan to broaden retail and institutional participation, including pension funds, insurers, asset managers and, within the applicable regulatory framework, diaspora investors.
  4. Work with licensed capital market service providers, including investment banks, brokers and dealers, to strengthen their origination and distribution capacity.
  5. Investor education and communications. Review current investor education and communications programs, recommend improvements, and help design campaigns with measurable reach and outcomes. Provide content and technical input to the ESX Digital Academy.
  6. Market functioning. Identify the main barriers to participation and liquidity and recommend practical measures for ESX to address them.

Component C: Product Development

  1. Assess market demand, regulatory requirements and infrastructure readiness for potential products. i.e exchange traded funds and other collective investment schemes, government and corporate bonds, green and sustainability-linked bonds, Sharia-compliant instruments, and SME financing instruments.
  2. Prepare a prioritized product roadmap with timelines, dependencies and resource requirements.
  3. Lead the preparation of a complete design package covering the product concept, business case, rule and procedure changes, operational and technology requirements, risk assessment, and launch and marketing plan.
  4. Coordinate product design work with the Legal, Operations, Technology, and Risk and Compliance functions, and support ESX’s engagement with the Ethiopian Capital Market Authority on approvals.
  5. Establish a standard product development process for ESX, from ideas to post-launch review.
  6. Coordinate with consultants and advisory firms engaged under development partner programs, including any assignment on collective investment schemes, to avoid duplication and ensure consistency.

Component D: Capacity Building and Knowledge Transfer

  1. Assess the skills of Department staff against the requirements of their roles and prepare a capacity building plan.
  2. Coach and mentor unit heads and staff through day-to-day work on the tasks above.
  3. Develop standard templates and procedures for the Department, including pipeline management, partnership management, product development, and monitoring and reporting.
  4. Deliver at least four internal training sessions on topics agreed with the CEO.

4. Reporting and Coordination Arrangements

The Advisor will report directly to the Chief Executive Officer. Day to day, the Advisor will work closely with the head of Communications, Market and Product Development units.

Internally, the Advisor will also coordinate with the Chief Risk and Compliance Officer and the Legal, Listing, Trading and Operations, and Technology functions. Externally, the Advisor will engage, as authorized by the CEO, with the Ethiopian Capital Market Authority, the National Bank of Ethiopia, the Ministry of Finance, capital market service providers, prospective issuers and investors, development partners and peer exchanges.

5. Duration, Location and Level of Effort

This is a 12-month full-time contract, starting from the date of signature. It may be extended by mutual agreement, subject to satisfactory performance and the availability of funds.

The Advisor will be based at ESX’s offices in Addis Ababa and will follow ESX’s normal working hours. Travel within Ethiopia for issuer, investor or partner engagement will be agreed in advance with the CEO, and its costs covered in line with ESX’s travel policy.

The expected start date is [XXX date].

6. Qualifications and Experience

  • master’s degree in law, finance, economics, business administration or a related field. A recognized professional qualification in finance or investment, such as the CFA, is an advantage.
  • At least more than 10 years of relevant professional experience in program management, business development, market development or product development.
  • Experience or background in capital markets or financial services, with knowledge of Ethiopia’s financial sector and capital market regulatory framework considered an advantage.
  • Strong analytical skills, including the ability to interpret complex market and financial data, draw actionable insights, and translate findings into practical programs with clear objectives, responsibilities and timelines.
  • Experience working with development partners, including preparing proposals, mobilizing resources and managing funded programs.
  • Ability to build credible working relationships and align the interests of development finance institutions, donors, private sector companies, investors, regulators and government institutions. This includes managing competing priorities and representing ESX’s position clearly when authorized.
  • Strong writing and presentation skills, with the ability to prepare clear plans, analytical papers and briefings for the CEO, the Board and external audiences.
  • Ability to coach and mentor colleagues, share knowledge and build the capacity and confidence of less experienced staff.
  • Strong organizational and project management skills, with the ability to manage multiple workstreams concurrently and ensure timely delivery of agreed outputs.
  • High integrity, sound judgment, and respect for local context, institutional processes and stakeholder relationships.

Application Deadline: 30 October 2026
How to Apply: Submit your application Letter and CV to corporate@esx.et.