United Capital Becomes First Foreign Investment Bank Licensed To Operate In Ethiopia

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Nigeria’s leading pan-African investment banking and financial services group, United Capital Plc, has recorded a major breakthrough in its continental expansion strategy after securing regulatory approvals to operate in both Ethiopia and Rwanda, becoming the first foreign institution licensed to provide investment banking services in Ethiopia.

The landmark approval positions United Capital at the forefront of East Africa’s evolving financial markets and marks a significant milestone in the development of Ethiopia’s emerging capital market ecosystem.

The licence, granted by the Ethiopian Capital Market Authority, authorises the company to provide financial advisory services, securities brokerage and portfolio management in Ethiopia. It also enables the Group to establish operations in the country and actively participate in its growing capital market sector.

According to the regulator, the approval followed an extensive review process involving multiple government institutions and comprehensive cross-border due diligence, reflecting the significance of opening Ethiopia’s capital markets to foreign investment banking participation.

The development comes shortly after United Capital received approval from the Capital Market Authority in Rwanda to offer trust services, investment banking and portfolio management services, further strengthening the company’s footprint across East and Central Africa.

Commenting on the achievement, Peter Ashade, Group CEO United Capital, described Ethiopia and Rwanda as two of Africa’s most promising growth markets and said the approvals came at a pivotal moment in the region’s economic and capital market development.

According to him, the region’s strategic location, youthful population and ongoing economic reforms continue to attract investor interest and create opportunities for long-term growth.

Ashade said the approvals represent more than a corporate milestone, noting that they demonstrate the growing capacity of African institutions to support development across the continent.

“This is a significant milestone for Nigeria as we export our business expertise to Ethiopia and Rwanda as they open their doors to foreign players, and for Africa as a whole. It demonstrates how collaboration across African economies can accelerate development and deepen financial integration,” he said.

He praised the reform efforts of the governments of Ethiopia and Rwanda, specifically recognising Abiy Ahmed and Paul Kagame for implementing policies aimed at strengthening the financial services sector and improving the investment climate.

Ashade added that becoming the first foreign investment bank licensed in Ethiopia reflects the confidence regulators have placed in the company and reinforces the critical role capital markets play in mobilising investment, supporting businesses and unlocking long-term economic value.

“Our goal is 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 speaking on the expansion, Ejikeme Okoli, United Capital’s Director for Africa, said the latest approvals expand United Capital’s presence to 12 African countries spanning West, East and Central Africa.

He noted that the Group’s more than six decades of experience in providing financial services across the continent would help accelerate the growth of financial markets in both Ethiopia and Rwanda.

“This milestone is significant not only for our institution but also for Nigeria and Africa as a whole. It reflects stronger collaboration within Africa’s financial services industry and our belief that African capital, mobilised through African institutions and regulated within African frameworks, remains the most sustainable foundation for the continent’s prosperity,” Okoli said.

With operations now spanning 12 African countries, including Nigeria and markets within the West African Economic and Monetary Union (WAEMU) region, United Capital continues to pursue an ambitious pan-African growth strategy.

The expansion strengthens the Group’s ability to serve governments, corporations, institutions and investors across the continent while advancing the broader goal of deeper financial integration and more efficient capital allocation within Africa’s rapidly evolving capital markets landscape.