United Capital

What United Capital does

United Capital Plc is a pan-African financial services group headquartered in Lagos, Nigeria, publicly listed on the Nigerian Exchange (ticker: UCAP) and operating across 12 countries in West, East, and Central Africa. The firm is majority-influenced by Heirs Holdings, the diversified investment company founded by Tony Elumelu, and operates through wholly-owned subsidiaries spanning Investment Banking, Asset Management (with AUM over US$904.7 million across 10+ mutual funds), Securities Trading (via the InvestNow digital platform), Wealth Management, Trusteeship (with over N8 trillion under administration), Consumer Finance, and Microfinance Banking (UCEE). It serves a diversified client base of corporate and government entities, high-net-worth individuals, mass affluent and retail investors, SMEs, and African diaspora clients, with UCEE Microfinance Bank and the USSD-based KashNow product extending reach into unbanked and underbanked segments.

The platform operates a digital-first technology architecture anchored by the InvestNow mobile and web app (iOS and Android), which provides real-time access to the Nigerian Exchange for stocks, mutual funds, and portfolio tracking through tools such as UTrace. Consumer finance products including KashNow (*5077# USSD), Dividend Loan, UC Easy Invest, and UC Invest margin financing extend credit and savings services beyond traditional channels, while UCAMWAL in Côte d'Ivoire (AMF-UMOA licensed) and recently secured licenses in Ethiopia and Rwanda extend the asset management and investment banking franchises into Francophone West and East Africa.

Revenue is generated through four primary streams: fees and commissions from investment banking advisory and capital markets transactions, net investment income from proprietary and managed portfolios, net trading income from licensed securities dealing on the Nigerian Exchange, and consumer finance interest income from asset-backed, margin, and digital loans. The firm monetizes through tiered pricing including minimum investments of N50 million for HNI portfolio management and N100 million for corporates, advisory fees for IB mandates, and unit pricing for UCAMWAL mutual funds starting from 5,000 FCFA, with performance benchmarks attached to discretionary mandates.

Name

United Capital

Legal name

United Capital Plc

Website

https://unitedcapitalplcgroup.com

Company type

Public

Founded year

1963

Operating status

Operating

Headcount range

101–250 employees

Short description

United Capital Plc is a publicly listed Nigerian pan-African financial services group offering investment banking, asset management (AUM over $904.7 million), securities trading, wealth management, trusteeship, and consumer finance to corporates, governments, HNIs, retail, and African diaspora clients across 12 African countries.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), Depository Credit Intermediation (5221), Funds, Trusts, and Other Financial Vehicles (525)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC), Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Investment banking services
• Asset management
• Wealth management
• Securities trading
• Trusteeship services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Fees and Commission Income: Investment banking advisory fees, issuing house services for debt and equity capital raising, M&A advisory, and trusteeship fees. This includes fees from IPOs, bond issuances, rights issues, private placements, and restructuring mandates.
2. Net Investment Income: Income from proprietary investments and asset management activities, including returns on the company's own investment portfolio and mark-to-market gains.
3. Net Trading Income: Securities trading revenues from buying and selling equities, bonds, and other securities as a licensed dealing member of the Nigerian Exchange.
4. Consumer Finance Interest Income: Interest income from asset-backed loans, UC Invest margin financing, UC Easy Invest, dividend loans, and KashNow digital loans.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

United Capital Plc is a publicly listed pan-African investment banking and financial services group providing investment banking advisory and capital raising, asset management (mutual funds, portfolio management), wealth management, trusteeship, securities trading via the InvestNow digital platform, consumer finance loans (including KashNow digital micro-loans via USSD), UCEE Microfinance Bank services, and UCAMWAL asset management for francophone West Africa. Operations span 12 African countries, with direct licensing in Nigeria, Côte d'Ivoire, Ethiopia, and Rwanda.

Product overview

United Capital is a pan-African financial services institution offering a diversified portfolio of products and services through a platform-plus-modules architecture. The core offerings include Investment Banking (advisory, capital raising, M&A), Asset Management (mutual funds, portfolio management with AUM over US$904.7 million), Wealth Management, Securities Trading via InvestNow platform, Trusteeship, Consumer Finance (loans), and Diaspora Investment Services. The company operates subsidiaries including UCEE Microfinance Bank, UCAMWAL for Francophone West Africa, and the United Capital Infrastructure Fund (₦150bn). Asset Management offerings span 10+ mutual funds including Money Market, Stable Income, Balanced, Equity, Eurobond, Fixed Income, Sukuk, Global Fixed Income, Wealth for Women, and Children Investment Funds. Consumer Finance products include Asset Backed Loans, UC Invest margin financing, UC Easy Invest, Dividend Loans, and KashNow digital loans.

Differentiator

Problem solved

Functional benefit

Brands

• InvestNow: Digital investment platform for trading stocks, accessing mutual funds, and managing investments via mobile app
• UCEE Microfinance Bank
• UCAMWAL
• KashNow
• United Capital Infrastructure Fund (UCIF)

Products and services

• Asset Management Expert investment management services providing structured solutions through Portfolio/Fund Management, 10+ Mutual Funds (Money Market, Stable Income, Balanced, Equity, Eurobond, Fixed Income, Sukuk, Global Fixed Income, Wealth for Women, Children Investment), and Investment Advisory services for institutional and retail clients.
• Wealth Management Comprehensive private wealth services providing global investment management, retirement planning, bespoke financial advisory, and portfolio management across local and global asset classes for high net worth individuals.
• Trustees Award-winning trustee services providing estate planning, corporate trust, public trust, and Islamic trust services for individuals, corporates, and government-related bond issuances, managing over N8 trillion in trust transactions across more than 300 major deals.
• Securities Trading (InvestNow) Licensed dealing member of the Nigerian Exchange (NGX) providing direct market access for buying and selling equities and bonds for institutional and retail clients, with the InvestNow mobile platform enabling real-time trading and portfolio management.
• Consumer Finance Fast, flexible financing solutions including Asset Backed Loans (up to 95% of investment value), UC Invest margin financing, UC Easy Invest installment contributions, Dividend Loans (up to 100% of declared dividends), and KashNow digital loans via USSD for personal and business needs.
• Investment Banking Strategic financial advisory and capital raising services for corporates and government entities, including Debt Capital Markets, Equity Capital Markets, Project Finance, Mergers & Acquisitions, and Structured Finance advisory. Includes issuing house services for IPOs, bond issuances, rights issues, private placements, and restructuring mandates.
• Diaspora Investment Services Comprehensive investment services for Nigerians in diaspora enabling them to grow, manage, and protect wealth in their home countries, bundling asset management, securities trading, trusteeship, and wealth management accessible globally through an integrated ecosystem with partners including UBA Pensions, Heirs Insurance, Avon Healthcare, and Afriland Properties.
• UCEE Microfinance Bank Digital-first microfinance bank offering simple, smart banking products including savings accounts, payments, and consumer borrowing for SMEs and individual consumers, promoting financial inclusion across Nigeria.
• UCAMWAL (United Capital Asset Management West Africa) Asset management subsidiary licensed by AMF-UMOA for the WAEMU region, offering mutual funds (starting from 5,000 FCFA), portfolio management, and investment advisory services in Francophone West Africa from headquarters in Abidjan, Côte d'Ivoire.
• United Capital Infrastructure Fund (UCIF) A ₦150 billion close-ended infrastructure investment fund registered with SEC for infrastructure development projects across Africa, providing institutional and qualified investors with exposure to African infrastructure assets.

Quantifiable outcome

• Revenue grew 35% to N58.55 billion in FY 2025
• +4 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor, core and supporting.

• Mobihealth InternationalminorImplementation/ SI/ Consulting Partner · 16 February 2026United Capital acted as transaction advisor for Mobihealth International's N1 billion equity investment from SCM Capital to expand telehealth services across Nigeria, demonstrating investment banking advisory capabilities.
• United Bank for Africa (UBA)coreStrategic or Co-development Partner · 15 February 2026Partnership on diaspora banking and investment platform to redirect Africa's $100 billion annual remittance flows into structured financial products. United Capital provides investment management, securities trading, and wealth management services within the ecosystem.
• Africa Prudential PlcsupportingStrategic or Co-development Partner · 15 February 2026Partner in integrated diaspora investment ecosystem providing financial services for Africans living abroad.
• UBA PensionssupportingStrategic or Co-development Partner · 15 February 2026Partner in diaspora investment platform providing pension products for Africans living abroad to access long-term retirement planning.
• Heirs Insurance GroupsupportingStrategic or Co-development Partner · 15 February 2026Partner in diaspora investment ecosystem providing insurance products as part of comprehensive financial services for global Africans.
• Afriland PropertiessupportingStrategic or Co-development Partner · 15 February 2026Partner in diaspora platform providing real estate investment opportunities for Africans seeking property investments in their home countries.
• Avon Healthcare LimitedsupportingStrategic or Co-development Partner · 15 February 2026Partner in diaspora investment ecosystem providing healthcare services as part of comprehensive financial and wellness offerings.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Stanbic IBTC Holdings: Stanbic IBTC is a large Nigerian financial services group (part of Standard Bank) providing investment banking, asset management, pension administration, and securities trading — comparable to United Capital but operating at materially larger scale with broader product breadth and global backing.

Direct peers

• Chapel Hill Denham: Chapel Hill Denham is a Nigerian investment banking firm providing capital markets advisory, securities trading, asset management, and trusteeship — directly competing with United Capital's subsidiaries in the same Nigerian institutional client base.
• Coronation Merchant Bank: Coronation is a Nigerian merchant bank providing investment banking, asset management, and securities services — directly competing with United Capital for corporate finance mandates and institutional investor relationships in Nigeria.
• SCM Capital: SCM Capital is a Nigerian investment banking and securities firm active in capital markets, asset management, and advisory — directly comparable to United Capital's IB and AM franchises, and a recurring counterparty (e.g., co-advised on Mobihealth transaction).
• Vetiva Capital Management: Vetiva is a Nigerian investment banking and asset management firm with capital markets, securities trading, and mutual fund businesses — overlapping directly with United Capital's core offerings, including sharing key talent alumni (United Capital's current IB MD previously led Vetiva's IB team).
• Cardinalstone Partners: Cardinalstone is a leading Nigerian investment banking and asset management group offering securities trading, wealth management, advisory, and fund management — directly comparable to United Capital across multiple business lines including institutional brokerage, mutual funds, and corporate finance.
• FSDH Merchant Bank: FSDH Group is a Nigerian financial services conglomerate offering merchant banking, asset management, securities trading, and pension fund administration — directly comparable to United Capital's diversified platform, particularly given United Capital's Chief Economist's 19-year tenure at FSDH.

Emerging players

• Renaissance Capital: Renaissance Capital is an emerging-markets focused investment bank with significant African equities research, trading, and advisory operations — overlapping with United Capital's investment banking and securities trading franchise, particularly in cross-border mandates.
• ARM Pensions (Asset & Resource Management): ARM is a Nigerian asset and wealth management group with mutual funds, pension administration, and investment advisory — overlapping with United Capital's asset management and trusteeship businesses, particularly via ARM Trustees which competes directly with United Capital Trustees.

Regional players

• Rand Merchant Bank Nigeria: Rand Merchant Bank is the African investment banking arm of FirstRand Group, operating in Nigeria and across the continent with corporate finance, advisory, and trading capabilities — comparable to United Capital's pan-African investment banking ambitions but backed by a South African parent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/unitedcap
• YouTubeyoutube.com/channel/UC07ZLKfSkCUUm3CBHIWBL_Q
• Facebookfacebook.com/UnitedCapitalPlc
• LinkedInlinkedin.com/company/unitedcapitalplc/?originalSubdomain=ng
• Instagraminstagram.com/unitedcapitalplc/?hl=en

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about United Capital