United Capital Plc has secured regulatory approvals to operate in Ethiopia and Rwanda, marking a major step in the Nigerian financial services group’s pan-African growth strategy. The Ethiopian Capital Market Authority confirmed that United Capital Financial Services PLC, a subsidiary of United Capital Group Nigeria, has been granted a Capital Market Service Provider licence under the investment banking category.
The approval makes United Capital the first foreign investment bank to establish a licensed subsidiary in Ethiopia. In Rwanda, the Capital Market Authority awarded United Capital Financial Services Rwanda Ltd an investment bank licence, strengthening the group’s ambition to use Kigali as a gateway into East and Central Africa.
Key Overview
- United Capital has secured investment banking licences in Ethiopia and Rwanda.
- Ethiopia’s approval makes it the first foreign investment bank licensed to establish a subsidiary in the country.
- The licences cover services such as advisory, capital market activity, portfolio management, trusteeship and investment banking.
- The move supports United Capital’s plan to deepen its presence across Africa’s fast-developing capital markets.
- Ethiopia and Rwanda are both using financial-sector reforms to attract long-term capital and regional investment.
Ethiopia Opens a New Door for Foreign Capital
United Capital’s Ethiopian licence comes at a crucial stage in the country’s capital market development. Ethiopia officially launched trading on the Ethiopian Securities Exchange in July 2025, creating regulated trading channels for government securities and equities.
The regulator said United Capital’s licence was issued on June 5, 2026, and brings the total number of licensed capital market service providers in Ethiopia to 18, including seven investment banks. The approval also included five board directors and four appointed representatives, showing the level of governance scrutiny behind the process.
For United Capital, Ethiopia offers scale. The country is one of Africa’s largest markets by population and has been pursuing reforms designed to open sectors that were historically tightly controlled. Earlier reforms included licensing the country’s first local investment banks and expanding private-sector participation in financial services, according to market reform reporting.
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Rwanda Strengthens Its Financial Hub Ambition
Rwanda gives United Capital a different but equally strategic advantage. Kigali has positioned itself as a stable, rules-based financial centre serving East and Central Africa. Rwanda’s Capital Market Authority said United Capital’s licence authorises the firm to provide a broad suite of services, including corporate finance, capital mobilisation, project and infrastructure finance, structured finance, trusteeship and institutional capacity development.
That aligns with Rwanda’s wider push to attract capital and deepen its financial sector. The country’s economy grew 8.9 percent in 2024, supported by services, industry and a rebound in agriculture, according to economic growth data. This growth backdrop makes Rwanda attractive for institutions seeking a predictable platform for regional expansion.
A Bigger Story of African Financial Integration
United Capital’s expansion reflects a broader shift in how African capital is moving. Instead of relying mainly on investment flows from outside the continent, more African institutions are now looking across borders for growth. This shift fits the objectives of the African Continental Free Trade Area, which aims to create a single market for goods and services while supporting investment and deeper economic integration.
Group CEO Peter Ashade described the licences as a milestone for Nigeria, Ethiopia, Rwanda and Africa’s financial system. United Capital said the approvals followed regulatory engagement across jurisdictions and reflected confidence in its governance, compliance and operating track record.
The challenge now is execution. Ethiopia’s market is still young, and Rwanda’s ambition as a financial hub will require sustained deal flow, investor confidence and institutional depth. But if United Capital can convert its licences into advisory mandates, capital raising transactions and portfolio solutions, the group could strengthen its role as one of Africa’s more visible cross-border financial institutions.
For investors, the development is also a signal that Africa’s capital markets are becoming more connected. The next phase of growth may depend less on isolated national markets and more on institutions capable of linking issuers, investors and regulators across borders.
Sources used: Ethiopian Capital Market Authority / Capital Market Authority Rwanda / United Capital Plc / Reuters / World Bank / African Union
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