United Capital, a leading pan-African investment banking and financial services group, has recorded a landmark achievement in its continental growth strategy with the successful acquisition of investment banking licences in Ethiopia and Rwanda, further strengthening its position as one of Africa’s fastest-expanding financial institutions.
The development marks a historic breakthrough for the Group as it becomes the first foreign institution licensed to provide investment banking services in Ethiopia, one of Africa’s largest and fastest-growing economies. The licence authorizes United Capital to offer financial advisory services, securities brokerage, and portfolio management, placing the company at the forefront of Ethiopia’s evolving capital market landscape.
The approval represents a significant milestone not only for United Capital but also for Ethiopia’s financial sector, which is undergoing transformative reforms aimed at deepening capital markets, attracting foreign investment, and expanding access to modern financial services.
According to the Ethiopian Capital Market Authority (ECMA), the approval followed a rigorous regulatory review process involving extensive due diligence, cross-border assessments, and consultations with multiple government institutions.
The Ethiopian licence comes shortly after United Capital secured regulatory approval from Rwanda’s Capital Market Authority (CMA) to provide Trust Services, Investment Banking, and Portfolio Management Services, reinforcing the Group’s strategic expansion into East and Central Africa.
With these approvals, United Capital has significantly expanded its regional footprint, positioning itself to support governments, corporations, institutional investors, and individuals seeking sophisticated financial and investment solutions across some of Africa’s most promising growth markets.
Speaking on the milestone, the Group Chief Executive Officer of United Capital Group, Peter Ashade, described Ethiopia and Rwanda as key pillars in Africa’s future economic growth story.
“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,” he said.
Ashade noted that the approvals signify more than corporate expansion, describing them as a testament to the growing power of intra-African collaboration and economic integration.
“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 for the African continent, indicating that bilateral collaboration can be a major catalyst for accelerating economic development on a continental scale. This is Africapitalism in action,” he added.
He further commended the governments of Ethiopia and Rwanda for implementing forward-looking reforms that have helped strengthen their financial systems and attract international investors. He paid special tribute to Ethiopian Prime Minister Abiy Ahmed and Rwandan President Paul Kagame, as well as financial sector regulators in both countries, for creating enabling environments that foster innovation, investment, and market development.
According to Ashade, becoming the first foreign investment bank to secure an Ethiopian investment banking licence underscores the confidence that regulators and market participants have in United Capital’s capabilities and long-standing track record.
“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 catalysts 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,” he stated.
Also commenting on the development, United Capital’s Director for Africa, Ejikeme Okoli, highlighted the strategic importance of the expansion, noting that the new licences extend the Group’s presence to 12 African countries across West, East, and Central Africa.
“With our business expertise spanning over six decades of experience providing financial services across Africa, we bring deep expertise, a proven track record, and unique capabilities to accelerate the development of Eastern African financial markets,” Okoli said.
He described the achievement as a major milestone for Nigeria and the African financial services industry, emphasizing the growing importance of African-led institutions in driving the continent’s economic transformation.
“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,” he added.
With operations now spanning 12 African countries, including Nigeria and several markets within the West African Economic and Monetary Union (WAEMU) region, United Capital continues to advance its vision of creating a truly integrated African financial ecosystem.
The latest expansion underscores the Group’s commitment to supporting Africa’s economic transformation by strengthening capital markets, facilitating investment flows, and providing innovative financial solutions that unlock growth opportunities across the continent.
Industry observers view the twin approvals as a strategic milestone that not only enhances United Capital’s pan-African reach but also signals increasing confidence in Africa’s financial integration agenda, where homegrown institutions are playing a central role in mobilising capital for sustainable development and long-term prosperity.
United Capital has secured investment banking licences in Ethiopia and Rwanda, becoming the first foreign investment bank approved in Ethiopia and expanding its footprint across 12 African countries.
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