The licence, issued by the Capital Market Authority (CMA) of Rwanda, allows the group headquartered in Nigeria to deliver a full-spectrum suite of investment banking and capital markets services, including corporate finance and capital mobilisation, project and infrastructure finance structuring, trade and supply chain finance solutions, structured finance and asset-backed instruments, as well as trusteeship, capital markets advisory, and institutional capacity development.
The move brings one of Africa’s prominent investment banking groups into Rwanda’s growing financial sector and reflects increasing investor confidence in the country’s regulatory environment and long-term economic outlook.
Speaking on the development, CMA Chief Executive Officer Romeo Ngarambe described United Capital’s decision to choose Kigali for its East and Central African operations as a strong endorsement of Rwanda’s financial market credibility.
“When a pan-African institution of United Capital’s calibre and track record makes a deliberate choice to anchor its East and Central African operations in Kigali, it sends a signal that no ranking or report can replicate,” Ngarambe said.
“It tells the world that Rwanda’s market is serious, our institutions are trusted, and our ambition is matched by execution. This is the kind of conviction that changes the trajectory of capital markets, and we intend to honour it by continuing to build a platform worthy of the best institutions Africa has to offer.”
United Capital PLC has operated for more than six decades and currently runs businesses spanning investment banking, asset management, wealth management, securities trading, trusteeship, consumer finance and digital banking across Africa.
Group CEO Peter Ashade said the company’s expansion into Rwanda aligns with its broader pan-African growth strategy built around providing African-led financial solutions across the continent.
“We set out with one intention clear, that Africans are the solution to African challenges,” Ashade said, adding that Rwanda’s governance, policy direction and investment climate made it a natural choice for the group’s next phase of expansion.
He praised Rwanda’s leadership and reform agenda under President Paul Kagame, noting that the country’s transformation across key economic indicators created confidence for long-term investment.
United Capital said it plans to roll out three major business lines in Rwanda initially: investment banking, asset management and trust services. Ashade disclosed that the group expects to deploy at least $120 million (approximately Rwf 175 billion) into its Rwandan operations and related investments during the initial phase.
According to the company, Rwanda’s stable governance framework, legal infrastructure, ease of doing business and strategic geographic location at the crossroads of East and Central Africa were among the key factors behind the decision.
The entry of United Capital is expected to deepen Rwanda’s capital markets by introducing new financial products and expanding access to long-term financing solutions for businesses and infrastructure projects.
Ashade highlighted Real Estate Investment Trusts (REITs) and infrastructure funds among the products the group intends to explore in Rwanda, citing growing demand for real estate financing and infrastructure development across the region.
“Infrastructure is critical for Africa’s development and we believe Rwanda presents significant opportunities for innovative financing solutions,” he said.
United Capital also plans to leverage experience from operations across 10 African countries to tailor products to Rwanda’s market needs, particularly for SMEs and mid-sized businesses.
The company says it currently offers more than 30 financial products across its markets and intends to introduce solutions adapted to local market conditions.
The licensing of United Capital comes as Rwanda continues efforts to attract international financial institutions and strengthen Kigali’s position as a competitive international financial centre capable of mobilising capital for infrastructure, innovation and industrial growth across the region.
For Rwanda, the approval represents another milestone in its strategy to build a sophisticated, regionally connected financial ecosystem that can serve as a gateway for investment into East and Central Africa.
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