FirstBank is setting its sights on expanding into at least three additional African countries as part of its next growth phase, capitalizing on new opportunities emerging from the continent’s evolving financial landscape. The targeted markets include Ethiopia, Angola, Cameroon, and Côte d’Ivoire.
In an interview with The Africa Report, Ini Ebong, the Deputy Managing Director of FirstBank, highlighted the bank’s focus on markets with significant economic potential and expanding financial systems. “There are a number of large economies with sizable banking opportunities that are of interest to us due to the ongoing liberalization of their financial markets,” Ebong explained.
He specifically identified Ethiopia and Angola as key targets, alongside plans to strengthen the bank’s presence in francophone West Africa by entering markets like Côte d’Ivoire and Cameroon. “The market opportunity is there, and we intend to leverage it fully,” he stated, adding that these regions are beginning to mirror the transformative growth witnessed in major African markets during the early 2000s.
Ethiopia, in particular, has drawn significant attention after its parliament passed a landmark law in December, enabling foreign banks to establish subsidiaries in the country. The legislation permits foreign investors to own up to 49% of shares in Ethiopian banks, signaling a shift toward opening its banking sector to international players.
During the Africa Financial Industry Summit, Ethiopia’s central bank governor, Mamo Mihretu, emphasized the country’s readiness for foreign investment, describing Ethiopia as “open for business” following the legislative changes.
FirstBank’s expansion strategy builds on a solid foundation of over 130 years of operations in Nigeria and a growing international footprint. The bank began its regional expansion in 2011 by acquiring Banque Internationale de Crédit, a leading bank in the Democratic Republic of Congo.
Subsequent acquisitions included subsidiaries of International Commercial Bank Financial Group Holdings AG (ICBFGH) in The Gambia, Sierra Leone, Ghana, and Guinea in 2013. The following year, FirstBank added ICB Senegal to its portfolio, completing its acquisition of ICBFGH’s West African operations.
Beyond Africa, FirstBank maintains a presence in Europe, with operations in London and Paris, and a representative office in Beijing, China.
