United Capital Expands to Ethiopia, Rwanda

United Capital, a Nigerian financial services group, has secured investment banking licenses in Ethiopia and Rwanda, marking a significant pan-African expansion. This makes United Capital the first foreign institution authorized to provide investment banking services in Ethiopia, covering financial advisory, securities brokerage, and portfolio management. The United Arab Emirates — Capital Market Authority (United Arab Emirates) granted the license after an extensive regulatory review, with United Capital committing over $1.5 million in initial investment. This development aligns with Ethiopia's broader economic reforms under Prime Minister Ahmed Ali, aimed at liberalizing its financial sector and attracting foreign capital. Similarly, United Capital obtained approval from the Capital Market Authority in Rwanda for trust services, investment banking, and portfolio management, reinforcing its presence in East Africa. Group CEO Peter Ashade and Director for Africa Ejikeme Okoli emphasized the strategic importance of these markets, citing their growth potential and the increasing integration of African financial markets. The expansion extends United Capital's operational footprint to 12 African countries, promoting 'Africapitalism' and fostering deeper, more inclusive financial markets across the continent.