Nigerian based Pan-African financial services giant, known as, United Capital Group has broken new ground in Africa’s financial sector, securing investment banking licences in Ethiopia and Rwanda.
The United Capital Group has become the first foreign institution ever authorised to operate an investment bank in Ethiopia.
The dual-country expansion extends United Capital’s operational footprint to 12 countries across West, East, and Central Africa, including its home market of Nigeria and the West African Economic and Monetary Union (WAEMU) region.
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In Ethiopia, the license granted by the Ethiopian Capital Market Authority (ECMA) allows United Capital to offer financial advisory services, securities brokerage, and portfolio management.
The ECMA noted that the approval followed a rigorous regulatory review and cross-market due diligence involving multiple government institutions.
The historic entry is poised to anchor Ethiopia’s newly emerging capital market ecosystem, which is undergoing sweeping economic reforms under Prime Minister, Abiy Ahmed.
Simultaneously, United Capital clinched regulatory clearance from Rwanda’s Capital Market Authority (CMA) to provide trust services, investment banking, and portfolio management, solidifying its presence in the East and Central African trade corridors.
Group Chief Executive Officer of United Capital Group, Peter Ashade, hailed the expansion as a watershed moment for intra-African corporate diplomacy and economic integration.
“This is a significant milestone for our country, Nigeria, as we export our business expertise. It indicates that bi-lateral collaboration can be a major catalyst for accelerating economic development on a continental scale. This is Africapitalism in action,” Ashade said.
He credited the forward-looking policies of Ethiopian Prime Minister, Abiy Ahmed and Rwandan President, Paul Kagame for opening doors to foreign financial institutions to deepen local capital markets.
United Capital’s Director for Africa, Ejikeme Okoli, emphasised that the expansion leverages over six decades of the group’s financial experience.
“Our journey from Nigeria to Ethiopia, from Abidjan to Kigali, is a single pan-African strategy.
“African capital, mobilised and structured through African institutions and regulated within African frameworks, is the most sustainable foundation for the prosperity of this continent,” Okoli said.
The group stated that its immediate focus will be leveraging its new positions to mobilise investment, support regional enterprise growth, and foster interconnected financial markets across East Africa.
