United Capital expands into Ethiopia, Rwanda with new investment banking licences

United Capital Plc has secured regulatory approvals to operate investment banking businesses in Ethiopia and Rwanda, expanding its presence in Africa’s financial services sector.

The company announced on Monday that it had obtained an investment banking licence in Ethiopia, becoming the first foreign institution authorised to provide such services in the country.

According to the company, the licence covers financial advisory, securities brokerage and portfolio management services, enabling it to participate in Ethiopia’s emerging capital market and support its development.

United Capital said the approval would allow it to establish operations in the East African nation while extending its range of investment and financial solutions to a broader regional market.

The Ethiopian licence comes shortly after the company received regulatory approval from Rwanda’s Capital Market Authority to provide trust services, investment banking and portfolio management services in the country.

Commenting on the development, the Group Chief Executive Officer of United Capital Group, Peter Ashade, described Ethiopia and Rwanda as key growth markets with significant opportunities for investment and financial sector development.

“We are pleased to receive these licences at an important moment in the region’s capital market development journey,” he said.

Ashade noted that the approvals also reflect Nigeria’s growing influence in Africa’s financial services industry, as local expertise continues to gain recognition across the continent.

“This is a significant milestone for Nigeria as we export our business expertise to Ethiopia and Rwanda as they open their markets to foreign participants,” he said.

He added that stronger collaboration among African countries could accelerate economic growth and deepen financial integration across the continent.

According to him, the licences demonstrate confidence in the company’s capabilities and reinforce its commitment to supporting capital market development in Africa.

“Receiving the Ethiopian licence shortly after our entry into Rwanda, and becoming the first foreign investment bank to secure such approval in Ethiopia, reflects the trust the market has placed in us,” Ashade said.

He explained that United Capital intends to leverage its experience in investment banking and financial advisory services to support efficient capital allocation, enterprise growth and long-term economic development in the region.

The company’s Director for Africa, Ejikeme Okoli, said the latest approvals have expanded United Capital’s footprint to 12 countries across West, East and Central Africa.

He described the development as a major achievement for both the company and Nigeria, highlighting the growing partnerships and collaboration within Africa’s financial services industry.

“This milestone reflects the strengthening of long-term cooperation across the African financial sector and our commitment to building more integrated capital markets across the continent,” Okoli said.