First Bank is poised for further expansion across Africa, targeting at least three new countries in its next growth phase as financial systems across the continent evolve to present new opportunities.
The bank has identified Ethiopia, Angola, Cameroon, and Cote d’Ivoire as key markets for its growth. In a recent interview with *The Africa Report*, Deputy Managing Director Ini Ebong highlighted the promising prospects in these regions, noting that their financial markets are opening up to more competition and investment.
Ebong stated, “There are a number of large economies with large banking pools that are of interest to us because their financial markets are opening up. Countries like Ethiopia and Angola are prime targets, and in Francophone West Africa, we aim to expand our presence in Côte d’Ivoire and Cameroon.”
He also pointed out the similarities between current opportunities and those seen in larger African markets in the early 2000s, emphasizing that now is the right time to invest and grow in these regions.
Ethiopia, in particular, has become an attractive market after its parliament passed a law in December that allows foreign banks to open subsidiaries, with a 49% foreign ownership limit. Central Bank Governor Mamo Mihretu affirmed that the country is now “open for business” following the ratification of this legislation.
First Bank, which has been operating in Nigeria for 130 years, has steadily expanded its presence across Africa since 2011. The bank acquired Banque International de Credit in the Democratic Republic of Congo, followed by the purchase of several subsidiaries in The Gambia, Sierra Leone, Ghana, Guinea, and Senegal, completing its West African expansion. Additionally, First Bank operates in London, Paris, and has a representative office in Beijing, China.
With these ongoing expansions, First Bank is positioning itself to capitalize on Africa’s growing financial opportunities and further solidify its leadership in the continent’s banking sector.
