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Capital markets development is a key component of the Government of Ethiopia’s
(GoE) Home-Grown Economic Reform Program and the 10-Year Development Plan
(2021- 2031). In line with this commitment, the Capital Markets Proclamation (No.
1248/2021) was adopted by the House of Peoples’ Representatives in June 2021, which
included the establishment of the Ethiopian Capital Market Authority (ECMA).
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The license authorizes the company to operate under the Investment Banking category. The Authority has also approved the appointment of five Board Directors and licensed four Appointed Representatives within the company.
Issued on Friday, June 5, 2026, the license brings the total number of licensed CMSPs in Ethiopia to 18 and the number of investment banks to 7, reflecting the tangible and continuous development in the operationalization and expansion of the country’s capital market.
At the official licensing ceremony, the Director General Hana Tehelku noted that the entry of a Pan-African institution such as United Capital marks a historic milestone in the development of Ethiopia’s capital market, further indicating that the event demonstrates strong confidence in the credibility of the country’s emerging financial ecosystem and the direction of ongoing reforms.
She noted that such developments reflect growing recognition of Ethiopia’s market potential and institutional progress, and can contribute to strengthening the depth, capacity, and regional integration of the market, while underscoring the importance for licensed service providers to adhere to the highest standards of market conduct, governance, and regulatory compliance.
ECMA remains committed to fostering a fair, transparent, and efficient capital market ecosystem that supports sustainable economic growth and enhances investor confidence.
The Ethiopian Capital Market Authority congratulates United Capital Financial Services PLC and its parent company, United Capital Group, on this milestone and looks forward to their contribution to the ongoing development of Ethiopia’s capital market.