Nigerian financial services group United Capital has achieved a historic milestone in 2026 after becoming the first foreign investment banking institution authorised to operate in Ethiopia, following new regulatory approvals that also extend its footprint into Rwanda and further strengthen its pan-African growth strategy.
The approvals, granted by the Ethiopian Capital Market Authority, allow the Lagos-based firm to offer investment banking services including financial advisory, securities brokerage and portfolio management in Ethiopia, a market that is gradually opening up as part of wider financial sector reforms. In parallel, authorisation from the Rwanda Capital Market Authority enables similar operations in Rwanda, reinforcing the company’s growing presence in East Africa.
Brandspur Banking News Desk reports that the dual regulatory entry marks a strategic breakthrough for United Capital as it positions itself to benefit from emerging capital markets across Africa, where governments are increasingly implementing reforms aimed at attracting private investment and deepening financial systems.
The development also highlights Ethiopia’s ongoing economic liberalisation efforts under the administration of Abiy Ahmed, alongside Rwanda’s continued drive to position itself as a regional financial hub under the leadership of Paul Kagame, both of which are expanding access for international and African-owned financial institutions.
Company executives noted that the approvals expand United Capital’s operational reach across 12 African countries, strengthening its presence in West, East and Central Africa and supporting its ambition to become a leading pan-African investment banking group. The firm’s leadership emphasised that its strategy is anchored on mobilising African capital through African institutions to drive sustainable economic growth across the continent.
Market observers say the entry into Ethiopia is particularly significant as it positions the company as a first mover in a nascent capital market expected to grow rapidly as regulatory frameworks mature and investor participation increases. Rwanda’s growing appeal as a financial services destination is also expected to benefit from increased activity by established regional players such as United Capital.
The expansion underscores a broader trend of cross-border integration within Africa’s financial services sector, with Nigerian institutions increasingly leveraging regional agreements under the African Continental Free Trade Area to scale operations beyond domestic markets.
