United Capital Plc has expanded its footprint in Africa after securing investment banking licences to operate in Ethiopia and Rwanda, becoming the first foreign institution authorised to provide investment banking services in Ethiopia.
The pan-African investment banking and financial services group said the approvals mark a significant milestone in its continental expansion strategy and strengthen its presence in East and Central Africa.
The Ethiopian licence authorises United Capital to offer financial advisory services, securities brokerage and portfolio management services in the country. The company noted that the approval positions it to participate in the development of Ethiopia’s emerging capital market while expanding access to its financial and investment solutions across the region.
According to the Ethiopian Capital Market Authority, the approval followed an extensive regulatory review process involving several government institutions and cross-market due diligence assessments.
The development comes shortly after United Capital obtained regulatory approval from Rwanda’s Capital Market Authority to provide trust services, investment banking and portfolio management services in the country.
Speaking on the achievement, the Group Chief Executive Officer of United Capital Group, Peter Ashade, described Ethiopia and Rwanda as key growth markets with significant investment potential.
He said the approvals come at a critical stage in the development of the region’s capital markets, citing ongoing economic reforms, a youthful workforce and the region’s strategic position as a trade gateway between Africa and other parts of the world.
Ashade noted that the expansion also reflects Nigeria’s growing role in exporting financial expertise across the continent and demonstrates the importance of cross-border collaboration in driving Africa’s economic development.
He commended the governments of Ethiopia and Rwanda, particularly Abiy Ahmed and Paul Kagame, as well as financial sector regulators in both countries, for implementing reforms aimed at strengthening the financial services industry.
According to him, becoming the first foreign investment bank licensed in Ethiopia underscores the confidence placed in United Capital and reinforces the group’s commitment to supporting the growth of capital markets across Africa.
“Our goal is to leverage our expertise and track record to support the development of robust capital markets in East Africa, facilitate the efficient allocation of capital to productive sectors and contribute to building deeper, more inclusive and interconnected financial markets across the continent,” he said.
Also commenting, United Capital’s Director for Africa, Ejikeme Okoli, said the new licences expand the group’s presence to 12 African countries across West, East and Central Africa.
Okoli said the company’s more than six decades of experience in financial services across the continent would help accelerate the development of Eastern Africa’s financial markets.
He described the expansion as a milestone for both Nigeria and Africa, noting that it reflects stronger collaboration within the continent’s financial services sector and supports the vision of mobilising African capital through African institutions and regulatory frameworks.
With the latest approvals, United Capital now operates in 12 African countries, including Nigeria, with a growing presence across the West African Economic and Monetary Union (WAEMU) region and East Africa.
The company said the expansion aligns with its strategy of providing governments, institutions, businesses and investors with a broad range of financial and investment solutions while advancing the integration of Africa’s capital markets.
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