By Okafor Joseph Afam, January 13, 2025

FirstBank, one of Nigeria’s leading financial institutions, is setting its sights on further expansion across Africa, targeting Ethiopia, Angola, Cameroon, and Côte d’Ivoire as part of its next growth phase. This move comes as financial markets across the continent open up, creating new opportunities for foreign investors.

Speaking in a recent interview with The Africa Report, FirstBank’s Deputy Managing Director, Ini Ebong, highlighted the bank’s strategic focus on economies with growing banking pools and newly liberalized markets.

“There are a number of large economies with large banking pools that are of interest to us because their financial markets are opening up,” said Ebong. “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.”

Ebong likened the current opportunities in these markets to the early 2000s when larger African economies began to experience significant financial growth. “We believe it is an opportune time to take part in the phase of growth that we see,” he added.

Ethiopia’s Banking Sector Opens Up

Ethiopia, East Africa’s largest economy, has become a prime target for foreign banks following a groundbreaking law passed by its parliament in December 2024. The legislation allows foreign banks to establish subsidiaries in Ethiopia, albeit with a restriction of 49% ownership in shares.

Mamo Mihretu, Governor of Ethiopia’s central bank, emphasized the significance of this development during the Africa Financial Industry Summit. He noted that the move to open Ethiopia’s banking sector had been in the works for over a year, signaling the country’s readiness to welcome foreign competition. “The largest economy in East Africa is now open for business,” Mihretu declared.

FirstBank’s Legacy of Expansion

With a history spanning 130 years, FirstBank is no stranger to regional and international expansion. The bank began its journey into other African markets in 2011 with the acquisition of Banque International de Credit in the Democratic Republic of Congo.

By 2013, FirstBank had acquired International Commercial Bank Financial Group Holdings AG (ICBFGH) subsidiaries in The Gambia, Sierra Leone, Ghana, and Guinea. The following year, it completed its acquisition of ICB Senegal, solidifying its presence in West Africa.

FirstBank’s operations extend beyond Africa, with established footprints in London and Paris and a representative office in Beijing, China.

Looking Ahead

As financial reforms sweep across Africa, FirstBank’s strategic expansion into Ethiopia, Angola, Cameroon, and Côte d’Ivoire positions it to capitalize on emerging opportunities in these markets. With its proven track record of successful expansions, the bank is poised to strengthen its influence and reinforce its status as a leading player in Africa’s financial landscape.