First Bank is aiming to expand into at least three African countries in its next phase of growth, as the continent’s financial systems continue to open up new opportunities.
The countries under consideration for expansion include Ethiopia, Angola, Cameroon, and Cote d’Ivoire.
By entering these markets, First Bank seeks to broaden its customer base and diversify its offerings, tapping into new potential for growth across Africa.
In a recent interview with The Africa Report, the Deputy Managing Director of First Bank, 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.”
Ebong emphasized the increasing opportunities across African markets, comparing the current growth phase to what was witnessed in larger African economies in the early 2000s. He added, “We believe it is an opportune time to take part in the phase of growth that we see.”
In December, Ethiopia took a significant step forward by passing a law that permits foreign banks to open subsidiaries in the country, although foreign ownership will be limited to 49% of shares.
Speaking during a panel session at the Africa Financial Industry Summit, Ethiopia’s central bank governor, Mamo Mihretu, revealed that the country had been working on the legislation for the past year to open its banking sector to foreign competition.
This move is part of Ethiopia’s broader efforts to modernize and enhance its financial system.
Following the ratification of the legislation by parliament, Mihretu declared that Ethiopia, the largest economy in East Africa, is now “open for business” to any banks looking to enter the country.
First Bank, which has been operating in Nigeria for 130 years, began expanding into other African markets in 2011.
This expansion began with the acquisition of Banque International de Credit, one of the leading banks in the Democratic Republic of Congo.
In November 2013, First Bank expanded further by acquiring subsidiaries of International Commercial Bank Financial Group Holdings AG (ICBFGH) in The Gambia, Sierra Leone, Ghana, and Guinea.
The following year, it completed its acquisition of ICB Senegal, finalizing its purchase of ICBFGH’s West African assets and operations.
In addition to its presence across Africa, First Bank also operates in London and Paris, France, and maintains a representative office in Beijing, China.
