Ethiopia has granted a unit of Nigeria’s United Capital Group its first foreign investment banking licence, according to the country’s capital markets regulator, marking a key step in opening up its financial sector to international participation.
According to cnbcafrica, the Ethiopian Capital Market Authority said in a statement on Monday 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 licensed, the authority said.
Since coming to power in 2018, Prime Minister Abiy Ahmed has started to open up Ethiopia’s closed, state-dominated economy. Banking and telecommunications are among the most attractive sectors to foreign investors.
