First Bank is gearing up for a strategic expansion across Africa, targeting at least three new countries as financial markets on the continent open up.
The bank’s Deputy Managing Director, Ini Ebong, disclosed that Ethiopia, Angola, Cameroon, and Côte d’Ivoire are key markets under consideration.
“There are large economies with promising banking sectors that attract our interest due to ongoing financial reforms,” Ebong said. “We’re particularly focused on Ethiopia and Angola, and in francophone West Africa, we’re eyeing Côte d’Ivoire and Cameroon. These markets present significant growth opportunities.”
Ebong noted that Africa’s financial landscape is evolving rapidly, creating new possibilities similar to those seen in larger markets in the early 2000s.
A recent milestone in Ethiopia’s financial sector reform is the country’s decision to permit foreign banks to establish subsidiaries, following a new law passed by parliament in December. Under the new regulation, foreign entities can hold up to 49% ownership in Ethiopian banks.
First Bank’s expansion drive aligns with this trend, aiming to capitalize on emerging opportunities across the continent.
