Pan-African financial services conglomerate United Capital Group has secured investment banking licenses in Ethiopia and Rwanda, achieving a historic milestone in its East African expansion strategy.
With the approval from the Ethiopian Capital Market Authority, United Capital becomes the first foreign institution permitted to offer investment banking, financial advisory, securities brokerage, and portfolio management services in Ethiopia. The development marks a major turning point for Ethiopia’s emerging capital market ecosystem.
According to the regulator, the operational license was granted following a rigorous review process that involved multiple government institutions and extensive cross-market due diligence.
The milestone follows closely on the heels of another regulatory approval from the Capital Market Authority (CMA) of Rwanda, which cleared United Capital to provide trust services, investment banking, and portfolio management services in Kigali. Together, the two licenses increase United Capital’s operational footprint to 12 countries across West, East, and Central Africa, including Nigeria and the West African Economic and Monetary Union (WAEMU) region.
Commenting on the expansion, Peter Ashade, Group Chief Executive Officer of United Capital Group, described both nations as vital growth frontiers for the continent.
“Ethiopia and Rwanda represent two of Africa’s most significant growth opportunities, and we are pleased to receive these licenses at an important moment in the region’s capital market development journey,” Ashade said. “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.”
Ashade lauded the visionary reforms led by Ethiopian Prime Minister Abiy Ahmed and Rwandan President Paul Kagame, noting that the cross-border expansion represents “Africapitalism in action.” He emphasized that the group intends to leverage its expertise to build robust, inclusive capital markets, facilitate efficient capital allocation, and unlock long-term economic value in East Africa.
Ejikeme Okoli, United Capital’s Director for Africa, highlighted the broader economic implications of the entry, noting that the group brings over six decades of financial services experience to the region.
“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,” Okoli stated.
The dual expansion reinforces United Capital’s long-term commitment to advancing Africa’s integrated capital markets agenda by delivering tailored financial and investment solutions to governments, corporations, and private investors across the continent.
