FirstBank is gearing up for expansion into Ethiopia, Angola, Cameroon, and Côte d’Ivoire. This strategic push comes as Africa’s financial landscape undergoes significant transformation, creating fertile ground for growth in banking and investment opportunities.
The Deputy Managing Director of FirstBank, Ini Ebong, highlighted the bank’s focus on large economies with growing financial markets during an interview with ‘The Africa Report’. “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” he said.
Ethiopia’s recent legislative reforms have particularly caught the attention of financial institutions worldwide. In December, the country’s parliament passed a law permitting foreign banks to operate subsidiaries. Mamo Mihretu, Governor of Ethiopia’s central bank, described this development as a long-awaited step that positions East Africa’s largest economy as “open for business.”
FirstBank’s interest in Ethiopia aligns with its history of strategically entering emerging markets. Since acquiring Banque International de Credit in the Democratic Republic of Congo in 2011, the bank has steadily expanded across Africa. It acquired International Commercial Bank subsidiaries in The Gambia, Sierra Leone, Ghana, and Guinea in 2013, and later ICB Senegal in 2014.
With over 130 years of operations in Nigeria and a growing international presence in London, Paris, and Beijing, FirstBank continues to evolve as a key player in Africa’s financial ecosystem. The bank’s latest expansion plans reflect its commitment to capitalizing on the continent’s economic growth while fostering financial inclusion across diverse markets.
