First Bank of Nigeria is charting a bold course for its Pan-African growth strategy with Ethiopia and Angola emerging as key targets for expansion.
As financial systems in these countries undergo significant reforms, the bank sees an opportunity to extend its footprint across the continent and tap into untapped markets.
Speaking in The Africa Report, First Bank’s Deputy Managing Director, Ini Ebong said “There are a number of large economies with large banking pools that are of interest to us because their financial markets are opening up. So, you look at countries like Ethiopia and Angola. In francophone West Africa, we want to expand our presence in places like Côte d’Ivoire and Cameroon. The market opportunity is there, and we seek to continue to exploit it,” he said.
Ethiopia has drawn interest following a groundbreaking reform. In December 2024, the Ethiopian parliament passed legislation allowing foreign banks to establish subsidiaries in the country for the first time.
This change positions Ethiopia, East Africa’s largest economy, as a prime destination for global banking players.
Mamo Mihretu, the governor of the central bank of Ethiopia, said Ethiopia, “The largest economy in East Africa is open for business for any banks looking to come into the country.”
Angola is equally compelling for First Bank, given its ongoing financial sector reforms and resource-rich economy. The country’s improving investment climate and increasing demand for banking services make it a strategic focus for the bank’s Southern African expansion plans.
First Bank is also looking to deepen its presence in Francophone West Africa by targeting Côte d’Ivoire and Cameroon.
Both countries offer access to strong regional trade networks and benefit from a shared currency system, which simplifies cross-border banking operations.
This latest expansion builds on First Bank’s successful track record in establishing a Pan-African presence.
Since 2011, the bank has entered markets in the Democratic Republic of Congo, The Gambia, Sierra Leone, Ghana, Guinea, and Senegal.
Its international operations also extend to London, Paris and a representative office in Beijing.
Reflecting on the opportunities across Africa, Ebong said, “We believe it is an opportune time to take part in the phase of growth that we see.”
He compared the current landscape to the early 2000s when larger African markets underwent similar growth phases.
