Open Letter to Zemedeneh Negatu, CEO of CBE Capital Investment Bank

Dear Mr. Zemedeneh Negatu,
Congratulations on your appointment as CEO of CBE Capital Investment Bank. Your leadership comes at a pivotal moment in Ethiopia’s financial history—a moment filled with both promise and responsibility. With the establishment of the Ethiopian Securities Exchange (ESX), we stand at the dawn of a new era. The question before us is not just how to build a capital market, but how to build one that truly serves all Ethiopians, not just a privileged few.

For too long, investment in Ethiopia has been an exclusive game, accessible only to large corporations, high-net-worth individuals, and those with the right connections. The average Ethiopian—whether a young entrepreneur, a small business owner, or a hardworking professional—has largely been left out of the wealth-building process. And yet, real economic transformation does not happen in boardrooms alone; it happens when millions of people can participate, invest, and grow together.

The irony is hard to ignore. In a country where millions of people dream of financial security, we have built an investment ecosystem that feels more like an exclusive VIP lounge with a dress code of wealth and privilege. Meanwhile, young people with an appetite for financial opportunity are left with few options—turning instead to sports betting, risky informal lending, or “get-rich-quick” schemes. But what if we offered them something better? What if we shifted the narrative from “investing is for the rich” to “investing is for all”?

Imagine a teacher in Jimma investing in government bonds with just ETB1000. A small business owner in Dire Dawa diversifying her income through fractional shares. A young graduate in Addis Ababa learning about financial markets through an accessible mobile platform. This is the Ethiopia we can build—one where investment is not a luxury, but a right.

The reality is, if investment banking in Ethiopia remains focused only on corporations and high-net-worth clients, the capital market will fall short of its true potential. A market without widespread participation is like a car with only one wheel—it might move, but it won’t go very far. Beyond that, history teaches us a simple lesson: when people feel excluded from economic opportunities, frustration grows. Financial inclusion is not just an economic necessity; it is a stability strategy. A market that serves the many, not just the few, fosters trust, participation, and long-term national prosperity.

Mr. Zemedeneh, your reputation precedes you. You are known as a visionary, someone who understands both global finance and Ethiopia’s unique challenges. This is your opportunity to lead with innovation, not just tradition. The Ethiopian people don’t just need an investment bank—they need an investment revolution. One that makes investing as common as saving, one that gives the average citizen a real stake in the country’s growth. By introducing micro-investing, reducing high transaction fees, launching financial literacy programs, and making investing accessible through mobile platforms, CBE Capital could become the institution that transforms the future of Ethiopian finance.

This is more than just a business decision—it’s a defining moment in Ethiopia’s financial future. In five, ten, twenty years, how will we look back at this period? Will we say that Ethiopia built a capital market for the wealthy few, or will we say we built a market that empowered a nation?

Mr. Zemedeneh, you now have the platform, the expertise, and the influence to create a truly transformative investment bank. Will CBE Capital be another institution serving the elite, or will it be the bank that opened the doors of investment to millions? The choice is yours. But I, and many others, hope you choose boldness, inclusion, and innovation. Ethiopia is watching—and so is history.

With respect and optimism,
Jibril M.Ahmed (PhD)

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