Nyala Insurance S.C (NISCO), a leading insurance company in Ethiopia, has committed to purchasing 20 million birr shares through a subscription agreement with the Ethiopian Securities Exchange (ESX).
The insurer said that this investment signifies NISCO’s dedication to supporting the growth of capital markets in Ethiopia, aligning with ESX’s founding members’ initiatives. Yared Mola, CEO of NISCO, emphasized at the signing ceremony that the Securities Exchange will expand investment opportunities for Ethiopians, promoting financial stability, economic development, and job creation.
Yared highlighted the benefits of the Securities Exchange for the insurance industry, including becoming major shareholders, accessing capital for growth, and serving as intermediaries. Tilahun E. Kassahun, CEO of ESX, welcomed NISCO as a founding member, expressing confidence that their investment will greatly benefit ESX and Ethiopia’s capital markets development.
Established in 1995, NISCO has earned a strong reputation for offering innovative insurance products and has shown significant growth with a paid-up capital of 1 billion birr and total assets of 3.8 billion birr. Operating through 49 service outlets, NISCO is recognized for its financial performance and product innovation.
