Ethiopia has granted a unit of Nigeria’s United Capital Group the first foreign investment banking licence in the country, its capital markets regulator said on Monday.
The Ethiopian Capital Market Authority said in a statement that it had given a Capital Market Service Provider licence to United Capital Financial Services PLC.
The licence will allow United Capital Group to operate an investment bank in Ethiopia.
It will join six Ethiopian investment banks that have been licenced, the authority said.
Opening Ethiopia to more foreign investment
Since coming to power in 2018, Prime Minister Abiy Ahmed has started to open up Ethiopia’s state-dominated economy.
Banking and telecommunications are among the most attractive sectors to foreign investors.
