By ebosele@hotmail.com –
Leading pan-African investment banking and financial services group, United Capital Plc, has recorded a major milestone in its continental expansion drive following the acquisition of investment banking licences in Ethiopia and Rwanda.
City Business News reports that the approvals position United Capital as the first foreign institution licensed to provide investment banking services in Ethiopia, covering financial advisory services, securities brokerage and portfolio management.
The development marks a significant step in the growth of Ethiopia’s emerging capital market ecosystem.
The licence enables the group to establish operations in Ethiopia and actively participate in capital market activities aimed at supporting market development and expanding access to a broad range of financial and investment solutions across the region.
According to the Ethiopian Capital Market Authority, the approval followed an extensive regulatory review process involving multiple government institutions and comprehensive cross-market due diligence.
The milestone comes shortly after United Capital secured regulatory approval from the Capital Market Authority to provide trust services, investment banking and portfolio management services in Rwanda, further strengthening its presence across East and Central Africa.
Speaking on the development, Group Chief Executive Officer of United Capital Group, Peter Ashade, described Ethiopia and Rwanda as two of Africa’s most promising growth markets.
He noted that the region’s strategic position as a trade gateway linking Africa and the East, coupled with its youthful workforce and ongoing economic reforms, would continue to attract significant foreign investment.
Ashade said the development represents a major achievement not only for the company but also for Nigeria and the African continent, as it demonstrates how cross-border collaboration can accelerate economic growth and strengthen regional integration.
He commended the governments of Ethiopia and Rwanda, particularly Abiy Ahmed and Paul Kagame, for implementing reforms and policies that have enhanced the attractiveness and competitiveness of their financial sectors.
“Receiving the Ethiopian licence shortly after our entry into Rwanda and becoming the first foreign investment bank to obtain this licence in Ethiopia demonstrates the confidence the market has placed in us. As an institution committed to Africa’s economic progress, we see capital markets as critical enablers for mobilising investment, supporting enterprise growth and unlocking long-term economic value,” he said.
Ashade added that the company would leverage its expertise and track record to support the development of robust capital markets in East Africa, facilitate efficient capital allocation and contribute to building deeper, more inclusive and interconnected financial markets across the continent.
Also commenting, Ejikeme Okoli, said the approvals expand United Capital’s operational footprint to 12 African countries across West, East and Central Africa.
He noted that with over six decades of experience in financial services across the continent, the company is well-positioned to contribute to the growth and development of Eastern Africa’s financial markets.
Okoli described the achievement as a reflection of strengthening partnerships within Africa’s financial services sector and reaffirmed the company’s belief that African capital, mobilised through African institutions and regulated within African frameworks, remains the most sustainable path to the continent’s prosperity.
With the latest expansion, United Capital now operates in 12 African countries, including Nigeria, with an expanding presence across the West African Economic and Monetary Union (WAEMU) region and East Africa.
