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By Chukwuma Umeorah
United Capital Plc has secured regulatory licences to provide investment banking and related financial services in Rwanda and Ethiopia, expanding its footprint into East Africa and becoming the first foreign institution licensed to offer investment banking services in Ethiopia.
The financial services group said the approvals mark a significant step in its pan-African expansion strategy and position it to participate in the development of capital markets in both countries.
Group Chief Executive Officer of United Capital Group, Peter Ashade, said the licences were secured at a period when capital markets across the region are undergoing reforms aimed at attracting investment and deepening financial market activities.
“Ethiopia and Rwanda represent two of Africa’s most significant growth opportunities, and we are pleased to receive these licences at an important moment in the region’s capital market development journey. The region’s strategic location as an international trade route connecting Africa and the East, a large youthful workforce, and ongoing reforms are expected to continue attracting foreign investment,” Ashade said. In Ethiopia, the licence permits the company to provide financial advisory services, securities brokerage and portfolio management services. The approval also enables the group to establish operations in the country and participate directly in capital market activities.
According to the Ethiopian Capital Market Authority, the approval followed a regulatory review process involving multiple government institutions and extensive due diligence.
The development comes shortly after United Capital obtained approval from Rwanda’s Capital Market Authority to provide trust services, investment banking and portfolio management services in the country. With the latest approvals, the group now operates across 12 African countries, including Nigeria, extending its presence across the West African Economic and Monetary Union (WAEMU) region as well as East and Central Africa.
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Ashade added, “This is also a significant milestone for our country, Nigeria, as we export our business expertise, for Ethiopia and Rwanda as they open their doors to foreign players, and to the African continent indicating that bi-lateral collaboration can be a major catalyst for accelerating economic development on a continental scale. This is Africapitalism in action.”
According to him, becoming the first foreign investment bank licensed in Ethiopia demonstrates confidence in the institution’s capabilities and reflects growing opportunities within the country’s emerging capital market.
“Receiving the Ethiopian licence shortly after our entry into Rwanda and becoming the first foreign investment bank to receive this licence in Ethiopia demonstrate the confidence the market has placed in us. As an institution committed to Africa’s economic progress, we see capital markets as critical catalyst and enabler for mobilising investment, supporting enterprise growth and unlocking long-term economic value. 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 meaningfully to building deeper, more inclusive, and interconnected financial markets across the continent.”
United Capital’s Director for Africa, Ejikeme Okoli, said the approvals strengthen the group’s presence across Africa and expand its operations into new markets. “With our business expertise spanning over six decades of experience doing business and providing financial services across Africa, we bring deep expertise, a proven track record, and unique capabilities to accelerate the development of the Eastern African financial markets,” he said.
Okoli added that the expansion reflects growing collaboration among African financial institutions and regulators aimed at mobilising capital within the continent.
“This milestone is significant not only for our institution but also for Nigeria and Africa as a whole, as it reflects the strengthening of long-term partnerships and collaboration across the African financial services sector. Our journey from Nigeria to Ethiopia, from Abidjan to Kigali, is a single pan-African strategy, built on the conviction that African capital, mobilized and structured through African institutions and regulated within African frameworks, is the most sustainable foundation for the prosperity of this continent.”
United Capital said the expansion would strengthen its capacity to serve governments, businesses, institutions and investors across Africa while supporting efforts to deepen capital markets and improve access to financial and investment services.
