United Capital has achieved a major milestone in its continental expansion strategy with the successful acquisition of investment banking licences in Ethiopia and Rwanda.
First Foreign Institution in Ethiopia
With the approvals, United Capital became the first foreign institution licensed to provide investment banking services in Ethiopia, covering financial advisory services, securities brokerage and portfolio management. This marks a significant milestone in the development of the country's emerging capital market ecosystem.
The licence enables the firm 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 involving multiple government institutions and extensive cross-market due diligence.
Rwanda Licence Secured
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.
CEO Comments
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 to Ethiopia and Rwanda as they open their doors to foreign players, and to the African continent, indicating that bilateral collaboration can be a major catalyst for accelerating economic development on a continental scale. This is Africapitalism in action."
