United Capital secures licence in Rwanda, 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, […]
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.
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.
Commenting on the development, Group Chief Executive Officer of United Capital Group, Peter Ashade, 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.
“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.
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.
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.”
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.