To invest in Ethiopian Treasury Bills, the first practical step is to open a brokerage account with a licensed market intermediary. Individual investors do not participate in auctions by themselves — they access the market through a licensed intermediary.
What is a brokerage account?
A brokerage account is an investment account that lets you access securities such as Treasury Bills. It is different from a regular bank account: a bank account holds your cash, while a brokerage account records your securities transactions and investment holdings.
For Treasury Bills, your brokerage account allows your licensed intermediary to:
What you may need
Requirements vary by intermediary, but individual investors are commonly asked to provide:
Your intermediary will guide you through the exact requirements and forms.
What is an AEQ?
An Appropriateness Evaluation Questionnaire (AEQ) is a form a licensed intermediary uses to assess whether a product or service is appropriate for an investor. It may ask about your:
For Treasury Bills, the AEQ helps your intermediary gauge whether you understand the instrument’s basic features — the auction process, return calculation, settlement, maturity, and possible risks.
How the process usually works
- 1
Choose a licensed intermediary
Select an approved investment bank, securities dealer, or broker that offers Treasury Bill access. Before opening an account, verify it’s licensed by ECMA.
- 2
Complete onboarding
Submit the required documents and complete the account-opening and KYC forms. You may also complete an Appropriateness Evaluation Questionnaire (AEQ) or similar investor assessment.
- 3
Account setup & verification
The intermediary reviews your information, verifies your documents, and activates your brokerage account. If anything is missing or unclear, they may request additional documents.
- 4
Ready to participate
Once your account is active, you can deposit the required bid amount and submit Treasury Bill auction instructions. Your instruction usually includes the tenor, face value, bid rate, and any required confirmation.
How long does it take?
Account-opening timelines vary by intermediary and how complete your documentation is. Some accounts open quickly, while others may require additional verification.
To avoid delays, prepare your identification, bank account details, tax information, and completed forms before you start.
Things to consider
Before choosing an intermediary, weigh:
MoneyMarkets Ethiopia provides educational content and market information only. It does not open brokerage accounts, receive investor funds, submit bids, execute securities transactions, or provide personalized investment advice. Open accounts and participate only through licensed intermediaries, and verify the current requirements, fees, tax treatment, and participation process before investing.