Yemisi Izuora
Zenith Bank, is expanding its operations in the Ivorian market this year, a move that would be its first expansion into Francophone Africa.
The bank’s Head of Strategy, Olukayode Akinbinu, told Bloomberg that the move is a key part of the bank’s plan to expand its regional footprint.
According to Akinbinu, Cameroon is also a priority target for expansion “as soon as possible.” The bank plans to either establish new subsidiaries or acquire existing banks within the West African Economic and Monetary Union (UEMOA) and the Economic and Monetary Community of Central Africa (CEMAC).
To support its international ambitions, Zenith Bank plans to allocate 40% of the funds raised this year. In early January, a rights issue and a heavily oversubscribed public offering brought in $228 million, increasing the bank’s total capital to $402 million and exceeding the Central Bank of Nigeria’s regulatory requirements.
With total assets of $29.6 billion and a 67% increase in pre-tax profit to $849 million in 2024, Zenith Bank has a strong financial foundation to drive its expansion strategy.
Côte d’Ivoire was chosen as the entry point into Francophone Africa due to its dynamic and stable economy. As the leading economic power in UEMOA, the country accounts for 40 per cent of the zone’s GDP and 42 per cent of its exports. It also has the most diversified and developed industrial base in the region.
Driven by local processing, export diversification, and a developing oil and gas sector, Côte d’Ivoire has sustained robust economic growth since 2012, with its economy expanding by around 6.5% in 2023 and 6 per cent in 2024. According to the IMF, inflation is contained and is projected to meet the UEMOA’s 3% target by 2025.
Côte d’Ivoire is also one of the few sub-Saharan African economies with access to international financial markets, a sign of confidence for banking sector players.
In addition to Nigeria, Zenith already has a presence in Ghana, Sierra Leone, and Gambia, and holds offices in South Africa, the United Kingdom, France, China, and Dubai.