United Capital Microfinance Bank has increased its capital base to N5.6 billion from N200 million at launch in 2024 as it moves to secure a national microfinance banking licence and broaden its operations across Nigeria.
The milestone was disclosed by the Group Chief Executive Officer of United Capital, Peter Ashade, during the company’s Investor Relations Roundtable held in Lagos, where he outlined the group’s strategy for expanding its financial services footprint and deepening financial inclusion.
The executive said the bank has already applied for a national licence, a move that would enable it to extend its services nationwide while strengthening access to banking products for individuals and businesses. Brandspur Banking News Desk reports that the expansion aligns with United Capital’s broader ambition to become a leading integrated financial services group with a stronger retail banking presence.
Ashade also revealed that the group’s assets under management have grown beyond N2.3 trillion, underscoring its continued expansion across investment management and other financial services. He said the company is preparing for its next growth phase through increased investment in technology, research, corporate governance and its workforce.
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As part of that strategy, United Capital has strengthened its leadership team by appointing a chief economist to enhance research capabilities and provide investors with deeper analysis of African economies. The company has also created a Director for Africa role to coordinate its continental growth plans and identify new business opportunities across the region, according to Brandspur Banking News Desk.
The financial services group currently operates in 12 African countries and says it is maintaining a disciplined approach to expansion by ensuring every investment aligns with its long-term strategic objectives. The company is also evaluating future opportunities, including the acquisition of a commercial bank, as it seeks to diversify its operations further.
Looking ahead, United Capital plans to introduce new products and business initiatives during the second half of 2026 to strengthen its retail offerings and improve digital financial services. Management expressed confidence that these investments will support stronger earnings growth while reinforcing the group’s position in Nigeria’s evolving financial services industry.
