First Bank targets expansion into three African countries amid growing market opportunities

First Bank eyes expansion into Ethiopia, Angola, Cameroon, and Cote d’Ivoire as financial systems in Africa open new opportunities for growth.

As financial systems across Africa continue to evolve, First Bank is looking to capitalise on the expanding opportunities by targeting at least three new countries in its next phase of growth.

The bank aims to deepen its presence in Ethiopia, Angola, Cameroon, and Cote d’Ivoire, as these regions offer promising market prospects in the wake of liberalising financial sectors.

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In an interview with The Africa Report, First Bank’s Deputy Managing Director, Ini Ebong, highlighted the bank’s strategic focus on large African economies.

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

“We are particularly looking 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 bank is optimistic about these markets, seeing them as offering similar growth potential to that witnessed in larger African markets during the early 2000s.

Ebong believes that now is the ideal time to participate in this new growth phase, with the promise of a favourable environment for foreign investors.

One of the significant developments supporting First Bank’s expansion strategy is Ethiopia’s recent legislative changes.

In December, the Ethiopian parliament passed a law that permits foreign banks to establish subsidiaries in the country. However, foreign firms are limited to owning no more than 49% of shares in these subsidiaries.

Ethiopia’s central bank governor, Mamo Mihretu, explained that the government had been working on this legislation for the past year to open up the banking sector to international competition.

Following the ratification of the law, Mihretu declared that Ethiopia is now “open for business” for any foreign banks looking to enter the market.

First Bank’s history of expanding beyond Nigeria dates back to 2011 when it acquired Banque International de Credit in the Democratic Republic of Congo.

The bank further extended its footprint in West Africa in 2013 by acquiring subsidiaries of International Commercial Bank Financial Group Holdings AG (ICBFGH) in The Gambia, Sierra Leone, Ghana, and Guinea.

The following year, First Bank completed its acquisition of ICB Senegal, solidifying its operations in West Africa.

Today, First Bank operates in various global markets, including London and Paris, and has a representative office in Beijing, China.

The Nigerian financial institution’s long-standing presence in these international markets has laid the groundwork for its continued expansion across Africa.

As First Bank continues to expand into key African countries, the bank is positioning itself to capitalise on the continent’s growing banking market.

With the recent opening of Ethiopia’s financial sector and increasing opportunities across Angola, Cameroon, and Cote d’Ivoire, First Bank is well poised to take advantage of Africa’s evolving financial landscape.