United Capital Expands Into East Africa, Secures Ethiopia, Rwanda Licences

United Capital has expanded its pan-African footprint after securing investment banking licences in Ethiopia and Rwanda, strengthening its presence in East Africa’s emerging financial markets.

With the approvals, the financial services group becomes the first foreign investment bank licensed to operate in Ethiopia, where it will provide services including financial advisory, securities brokerage, and portfolio management.

The entry is expected to contribute to the development of Ethiopia’s evolving capital market ecosystem and broaden access to investment banking services in the country.

In addition to Ethiopia, United Capital has also obtained regulatory approval from Rwanda’s Capital Market Authority to offer trust services, investment banking, and portfolio management. The dual approvals reinforce the group’s growing presence across East and Central Africa and align with its broader ambition to deepen intra-African financial integration.

The licences allow the company to formally establish operations in both markets and participate in capital market activities aimed at mobilising investment, supporting enterprise growth, and enhancing the efficiency of capital allocation across strategic sectors.

According to the Ethiopian Capital Market Authority, the approval followed a rigorous regulatory review process involving multiple government institutions and extensive due diligence across jurisdictions, reflecting increasing openness in the country’s financial sector reforms.

The expansion comes shortly after the group’s successful regulatory entry into Rwanda, further positioning it as a key player in Africa’s rapidly developing financial services landscape. With the latest approvals, United Capital now operates across 12 African countries, spanning West, East, and Central Africa.

Group Chief Executive Officer, Peter Ashade, described the development as a significant milestone in both the company’s growth journey and Africa’s broader capital market evolution. He noted that Ethiopia and Rwanda represent high-potential markets driven by ongoing economic reforms, strategic geographic positioning, and growing investor interest.

He added that the expansion reflects not only corporate progress but also the strengthening of cross-border financial collaboration across the continent, highlighting the role of African-led institutions in mobilising capital for development.

According to the company, the East African expansion aligns with its long-term strategy to build deeper, more integrated capital markets across Africa while leveraging its expertise in investment banking, asset management, and financial advisory services.

Executive Director for Africa, Ejikeme Okoli, said the licences expand the group’s operational footprint and reinforce its commitment to supporting financial market development across emerging African economies. He added that the company brings decades of experience in financial services across the continent, which it intends to deploy in advancing market infrastructure and investment flows in East Africa.

He further noted that the expansion reflects growing collaboration among African financial institutions and regulators, describing it as evidence of increasing confidence in pan-African financial service providers.
United Capital said its entry into Ethiopia and Rwanda underscores its commitment to supporting governments, corporates, and investors through diversified financial solutions, while contributing to the development of integrated and efficient capital markets across Africa.

The expansion also reflects a broader trend of African financial institutions increasingly seeking cross-border opportunities as regional markets continue to liberalise and deepen.