United Capital Plc. has secured investment banking licences in Ethiopia and Rwanda, marking a significant milestone in its expansion across Africa.
In a statement on Monday, the company said that the approvals made it the first foreign institution licensed to provide investment banking services in Ethiopia.
It said that the services covered financial advisory, 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 group 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,” the company said.
The licence to operate in Ethiopia came shortly after the company secured a regulatory approval from the Capital Market Authority to provide trust services, investment banking and portfolio management services in Rwanda.
Commenting on the development, the Group Chief Executive Officer of United Capital Group, Mr Peter Ashade, said, “Ethiopia and Rwanda represent two of Africa’s most significant growth opportunities.
“We are pleased to receive these licences at an important moment in the region’s capital market development journey.
“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.
Ashade said that the approvals indicated that bi-lateral collaboration could be a major catalyst for accelerating economic development on a continental scale.
“This is Africapitalism in action.
“Receiving the Ethiopian licence shortly after our entry into Rwanda and becoming the first foreign investment bank to receive this licence in Ethiopia demonstrate the confidence the market has placed in us.
“As an institution committed to Africa’s economic progress, we see capital markets as a critical catalyst and enabler for mobilising investment, supporting enterprise growth and unlocking long-term economic value.”
According to Ashade, the group’s goal is to leverage its expertise and track record to support development of robust capital markets in East Africa and facilitate efficient allocation of capital to productive sectors.
Ashade added that the group was committed to contributing meaningfully to building deeper, more inclusive and interconnected financial markets across Africa.
United Capital’s Director for Africa, Mr Ejikeme Okoli, said that the licence to provide financial services in Ethiopia and Rwanda expanded the organisation’s footprint to 12 countries within West, East and Central Africa.
He said, “This milestone is significant not only for our institution but also for Nigeria and Africa as a whole, as it reflects the strengthening of long-term partnerships and collaboration across the African financial services sector.
