United Capital, a leading pan-African investment banking and financial services group, has achieved a major milestone in its continental expansion strategy after securing investment banking licences in both Ethiopia and Rwanda.
With the approvals, the group becomes the first foreign institution licensed to provide investment banking services in Ethiopia, marking a significant development in the country’s emerging capital market ecosystem.
The licence covers financial advisory services, securities brokerage and portfolio management, enabling United Capital to establish full operations in Ethiopia and participate directly in capital market activities.
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.
The development positions United Capital to support market growth while expanding access to financial and investment services across East Africa.
The milestone comes shortly after the group also received regulatory approval from Rwanda’s Capital Market Authority to provide trust services, investment banking and portfolio management services in the country.
Together, the dual approvals significantly strengthen the firm’s strategic presence across East and Central Africa.
Group Chief Executive Officer of United Capital Group, Peter Ashade, described the approvals as a major step in the firm’s pan-African growth strategy.
He said Ethiopia and Rwanda represent key growth markets on the continent due to their reform-driven economic environments and strategic positioning.
“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,” he said.
Ashade added that ongoing reforms, a youthful population and improved trade connectivity are expected to continue attracting foreign investment into the region.
He also highlighted the broader significance of the expansion for Africa’s financial integration.
“This is also a significant milestone for our country, Nigeria, as we export our business expertise… This is Africapitalism in action,” he added.
He acknowledged the governments of Ethiopia and Rwanda for their reform efforts, particularly Prime Minister Abiy Ahmed and President Paul Kagame, as well as regulatory authorities driving capital market development.
According to him, United Capital sees capital markets as a critical tool for mobilising investment, supporting enterprise growth and unlocking long-term economic value.
Director for Africa at United Capital, Ejikeme Okoli, said the new licences expand the firm’s footprint to 12 African countries across West, East and Central Africa.
He noted that the group brings over six decades of financial services experience and aims to support the development of Eastern African capital markets.
“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,” he said.
Okoli added that the company’s expansion reflects a unified pan-African strategy focused on building integrated and locally regulated capital markets.
With the latest approvals, United Capital continues its expansion across the continent, strengthening its role in advisory services, investment banking, asset management and capital market development.
The group says its long-term goal is to deepen financial inclusion, improve capital flows and support economic development across African markets through homegrown financial expertise.
