FirstBank, a well-established financial institution in Nigeria, is planning to grow by expanding its operations into at least three African countries. This move comes as many financial markets across Africa are becoming more open and present new opportunities for banks.
The specific countries that First Bank is interested in include Ethiopia, Angola, Cameroon, and Côte d’Ivoire (Ivory Coast).
In a recent interview with The Africa Report, Ini Ebong, the Deputy Managing Director of First Bank, explained that there are several large economies in Africa with significant banking needs that the bank finds appealing. He noted that as these countries begin to open up their financial markets, it creates a chance for First Bank to enter and establish a presence. Ebong specifically mentioned Ethiopia and Angola as key targets for expansion, while also expressing interest in Côte d’Ivoire and Cameroon, which are part of the French-speaking West African region. He emphasized that there are many opportunities in these markets, similar to the growth patterns seen in larger African markets back in the early 2000s. Ebong believes that now is a great time for First Bank to be part of this new growth phase.
Read Also: Fuel Prices Could Go Up As Crude Oil Approaches $80 Per Barrel
A significant development that supports First Bank’s expansion plans is a new law passed by the Ethiopian parliament in December. This law allows foreign banks to set up branches in Ethiopia, although they can only own up to 49% of the shares in these new businesses. Mamo Mihretu, the governor of Ethiopia’s central bank, mentioned that the country has been working on this legislation for about a year, and now that it has been approved, Ethiopia is ready to welcome foreign banks looking to enter its market.
First Bank has a long history, having been in operation in Nigeria for 130 years. The bank started to branch out into other African countries in 2011 when it acquired Banque International de Credit, a major bank in the Democratic Republic of Congo. Since then, it has expanded further by acquiring banks in The Gambia, Sierra Leone, Ghana, Guinea, and Senegal, solidifying its presence in West Africa. Additionally, First Bank has established operations in London and Paris, and it also has a representative office in Beijing, China.
Overall, First Bank is strategically positioning itself to take advantage of the evolving financial landscape in Africa, aiming to establish a strong foothold in several promising markets.
