United Capital Group has recorded a major breakthrough in its pan-African expansion drive after securing regulatory approvals to operate in Ethiopia and Rwanda, extending its presence across the continent's rapidly evolving financial markets.
The investment banking and financial services firm announced that it had obtained licences to provide investment banking services in both countries, making it the first foreign institution authorised to offer such services in Ethiopia.
The Ethiopian licence permits the company to offer financial advisory, securities brokerage and portfolio management services, enabling it to participate in the development of the country's nascent capital market and broaden access to investment solutions.
The approval was granted by Ethiopia's capital market regulators following what authorities described as a rigorous review process involving extensive due diligence and consultations with relevant government institutions.
The development comes on the heels of a similar approval from Rwanda's Capital Market Authority, which authorised United Capital to provide trust services, investment banking and portfolio management services in the East African nation.
Group Chief Executive Officer of United Capital, Peter Ashade, said the licences represent a significant milestone in the company's ambition to deepen its presence across Africa and support the growth of regional capital markets.
According to him, Ethiopia and Rwanda are among Africa's most promising investment destinations due to their strategic locations, growing economies, youthful populations and ongoing economic reforms.
Ashade said the approvals underscore the increasing opportunities for collaboration among African countries and institutions in driving economic development.
He noted that the company's entry into the two markets reflects growing confidence in its capabilities and track record in delivering investment banking and financial advisory services across the continent.
He further praised the reform initiatives undertaken by the governments of Ethiopia and Rwanda, particularly under the leadership of Abiy Ahmed and Paul Kagame, which he said have helped strengthen the financial services sector and create a more attractive environment for investment.
Also commenting on the development, United Capital's Director for Africa, Ejikeme Okoli, said the expansion increases the group's operational footprint to 12 African countries spanning West, East and Central Africa.
He said the firm would deploy its more than 60 years of experience in financial services to support the growth of capital markets in Eastern Africa and help channel investment into productive sectors of the economy.
Okoli described the expansion as a testament to the growing integration of Africa's financial markets and the importance of African-led institutions in mobilising capital for the continent's development.
With operations now spanning 12 countries, including Nigeria, and a growing presence in the West African Economic and Monetary Union (WAEMU) region and East Africa, United Capital said it remains committed to providing innovative financial solutions while advancing the vision of a more interconnected African capital market.
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