FirstBank of Nigeria Limited is set to expand into new African markets, including Ethiopia, Angola, and Cameroon, leveraging opportunities in opening financial systems.
Building on its 130-year legacy and a strong presence across sub-Saharan Africa, First Bank of Nigeria Limited is embarking on its next growth phase by targeting key markets where financial systems are opening up to foreign competition.
Deputy Managing Director Ini Ebong revealed plans to expand operations into Ethiopia, Angola, and Cameroon during the Africa Financial Industry Summit (AFIS).
Ebong noted the bank’s focus on large economies with untapped banking opportunities, saying, “The market opportunity is there, and we seek to continue to exploit it.”
Ethiopia’s Banking Reforms Open Doors
Ethiopia, Africa’s second-most populous country, recently approved legislation allowing foreign banks to operate subsidiaries.
This reform is expected to attract global banks, including FirstBank, to the East African financial hub. Under the new law, foreign firms can own up to 49% of shares in Ethiopian banks, a development the country’s central bank governor, Mamo Mihretu, described as “opening for business.”
Strategic Footprint Across Africa
FirstBank began its African expansion in 2011, acquiring subsidiaries in the Democratic Republic of Congo, The Gambia, Sierra Leone, Ghana, Guinea, and Senegal.
With its sights now set on Francophone West Africa, including Côte d’Ivoire and Cameroon, FirstBank aims to build on its extensive regional network.
Strong Performance and Global Reach
FirstBank’s parent company, FBNHoldings, reported a pretax profit of ₦610.86 billion ($395 million) in the first nine months of 2024, nearly double its performance in the same period of 2023.
The bank also boasts subsidiaries in the UK and branches in Paris, alongside a representative office in Beijing.
As FirstBank prepares to leverage these opportunities, Ebong highlighted parallels with earlier phases of banking growth in Africa, stating, “We believe it is an opportune time to take part in the phase of growth that we see.”
