TUE JUNE 09 2026-theGBJournal| United Capital Financial Services PLC, a subsidiary of Nigeria’s United Capital Group, has been granted a Capital Market Service Provider licence by the Ethiopian Capital Market Authority (ECMA), making it the first foreign investment bank to establish a subsidiary in Ethiopia.
The licence, issued on June 5, authorises the company to operate under the investment banking category.
ECMA also approved the appointment of five board directors and licensed four appointed representatives within the company.
ECMA Director-General Hana Tehelku said at the licensing ceremony that the entry of a pan-African institution such as United Capital showed growing confidence in Ethiopia’s capital market reforms and could support the development of the country’s financial ecosystem.
United Capital enters Ethiopia with a growing African footprint.
The Nigerian group reported revenue of N58.55 billion in 2025, up 35 percent, while profit before tax rose 37 percent to N41.18 billion.
The company also received an investment banking licence in Rwanda in May 2026, allowing it to provide services including corporate finance, capital mobilisation, project finance, structured finance and capital markets advisory.
”Ethiopia and Rwanda represent two of Africa’s most significant growth opportunities, and we are pleased to receive these licenses at an important moment in the region’s capital market development journey,” says Group CEO, Peter Ashade.
He notes that the region’s strategic location as an international trade route connecting Africa and the East, a large youthful workforce, and ongoing reforms are expected to continue to attract foreign investment,
The Ethiopian authority expects the licence to increase competition in advisory, issuance structuring and capital-raising services.
It also signals that foreign financial firms are beginning to see Ethiopia’s capital market as investable, despite the exchange still being at an early stage.
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