New in: United Capital becomes first foreign Investment Bank to get licensed in Ethiopia

Nigerian investment banking group United Capital has secured regulatory licenses to operate in Ethiopia and Rwanda, marking a significant step in its continental expansion across Africa. 

The approval from Ethiopia’s Capital Market Authority makes United Capital the first foreign institution licensed to provide investment banking services in the country, covering financial advisory, securities brokerage, and portfolio management. The licence followed a comprehensive regulatory review involving multiple government institutions. 

The Group had earlier received approval from Rwanda’s Capital Market Authority to provide Trust Services, Investment Banking, and Portfolio Management Services, consolidating its presence in East and Central Africa. 

ALSO READ: ELUMELU TO CHAIR SEPLAT ENERGY AS COMPANY NAMES EFFIONG CEO

With these additions, United Capital now operates across 12 African countries spanning the West African Economic and Monetary Union region and East Africa. 

Group Chief Executive Officer Peter Ashade described Ethiopia and Rwanda as two of Africa’s most significant growth opportunities, pointing to the region’s strategic trade position, young workforce, and ongoing economic reforms as key attractions for foreign investment. 

“As an institution committed to Africa’s economic progress, we see capital markets as critical catalysts for mobilising investment, supporting enterprise growth and unlocking long-term economic value,” Ashade said. 

Ejikeme Okoli, United Capital’s Director for Africa, noted that the Group brings over six decades of financial services experience across the continent. 

The expansion forms part of United Capital’s broader pan-African strategy to deepen capital market development and facilitate investment across the continent.