United Capital expands into East Africa, secures operating licence in Rwanda, Ethiopia

…becomes first foreign investment bank licensed to operate in Ethiopia

United Capital, a leading pan-African investment banking and financial services group, has achieved a major milestone in its continental expansion strategy with the successful acquisition of investment banking licences in Ethiopia and Rwanda.

With these approvals, United Capital becomes the first foreign institution licensed to provide investment banking services in Ethiopia, covering financial advisory services, securities brokerage and portfolio management, marking a significant milestone in the development of the country’s emerging capital market ecosystem.

The licence enables the Group to establish operations in Ethiopia and participate in capital market activities, supporting market development while expanding access to its range of financial and investment solutions across the region.

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According to the Ethiopian Capital Market Authority, the approval followed a comprehensive regulatory review process involving multiple government institutions and extensive cross-market due diligence.

This milestone comes shortly after the Group secured regulatory approval from the Capital Market Authority [CMA] to provide Trust Services, Investment Banking and Portfolio Management Services in Rwanda; further reinforcing its strategic footprint across East and Central Africa.

This strategic expansion underscores the Group’s commitment to strengthening its capacity to serve governments, institutions, businesses, and investors through a broad range of financial and investment solutions, while advancing Africa’s integrated capital markets agenda.

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Peter Ashade, Group Chief Executive Officer of United Capital Group said: “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, “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”.

In his remarks, he also gave special recognition to the Governments of Ethiopia and Rwanda, particularly Prime Minister Abiy Ahmed of Ethiopia, and President Paul Kagame of Rwanda, along with key leaders in the financial regulatory bodies in both countries, for the transformative reforms and forward-looking policies implemented to strengthen and expand the region’s financial services sector.

Ashade further added: “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.”

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Ejikeme Okoli, United Capital’s Director for Africa, stated that this license to provide financial services in Ethiopia and Rwanda expands their footprint across Africa to 12 countries within West, East and Central Africa. He added, “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 explained “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.”

With this development, United Capital Group now operates across 12 African countries, including Nigeria, with an expanding footprint spanning the West African Economic and Monetary Union [WAEMU] region and East African regions.