Nigerian Firm Becomes First Foreign Investment Bank Licensed in Ethiopia

June 8, 2026

Mintesinot Nigussie

Nigeria’s United Capital Group has become the first foreign company to obtain an investment banking licence in Ethiopia, establishing a foothold in the country’s nascent capital market through its Addis Ababa-based subsidiary, United Capital Financial Services PLC.

The licence was issued by the Ethiopian Capital Market Authority (ECMA) on June 5, 2026, after months of regulatory assessment involving the Ethiopian Investment Commission and other government institutions.

ECMA Director General Hana Tehelku said the Authority also reviewed the company’s standing with Nigerian regulators as part of its due diligence process.

United Capital said it has committed more than 1.5 million US dollars in capital to launch its Ethiopian operations.

Hana said the regulator expects the company’s presence to contribute technical expertise and support the development of local professionals in investment banking, compliance and securities analysis.

ECMA also said it has started engaging with Nigeria’s Securities and Exchange Commission on regulatory benchmarking and capacity-building initiatives.