The Ethiopian Capital Market Authority (ECMA) has granted a Capital Market Service Provider license to United Capital Financial Services PLC, making it the first foreign investment bank to establish a subsidiary in Ethiopia.

United Capital Financial Services PLC is a subsidiary of United Capital Group Nigeria. The newly issued license authorizes the company to operate in Ethiopia under the investment banking category.

The Authority has also approved the appointment of five board directors and licensed four appointed representatives within the company.

The license was issued on Friday, June 5, 2026, bringing the total number of licensed Capital Market Service Providers in Ethiopia to 18. It also raises the number of licensed investment banks in the country to seven, marking another step in the operationalization and expansion of Ethiopia’s emerging capital market.

Speaking at the official licensing ceremony, ECMA Director General Hana Tehelku described the entry of a Pan-African institution such as United Capital as a historic milestone for Ethiopia’s capital market.

She noted that the licensing demonstrates growing confidence in the credibility of Ethiopia’s financial ecosystem and the direction of the country’s ongoing market reforms.

Hana further stated that the development reflects increasing recognition of Ethiopia’s market potential and institutional progress. She added that the presence of such institutions could help deepen the market, build capacity, and strengthen regional integration.

The Director General also emphasized the need for licensed service providers to uphold high standards of market conduct, corporate governance, and regulatory compliance as Ethiopia’s capital market continues to expand.

Source (including image): ECMA