Nigeria’s second-largest lender by market value, Zenith Bank Plc, has unveiled plans to expand its footprint in Africa, beginning with Côte d’Ivoire, as part of a broader growth strategy supported by a recent capital raise.
The bank’s Head of Strategy, Olukayode Akinbinu, told Bloomberg that the lender is exploring either establishing new operations or acquiring existing ones in both the West African Economic and Monetary Union (WAEMU) and the Central African bloc.
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“Ivory Coast is likely to open this year, then Cameroon as soon as possible,” Akinbinu said.
The bank intends to channel 40 percent of the ₦350.5 billion ($231 million) it raised earlier in 2025 into overseas expansion.
The capital raise was driven by the Central Bank of Nigeria’s (CBN) new regulatory directive, which raised minimum capital requirements tenfold, with a compliance deadline set for March 2026.
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Côte d’Ivoire, one of Africa’s fastest-growing economies with an average annual growth rate of 6.7 percent over the past five years, has become a prime target for regional investors.
Zenith Bank already has operations in Ghana, Sierra Leone, and The Gambia, as well as international offices in South Africa, the UK, France, China, and Dubai.
Its stock has surged 43 percent so far in 2025, outperforming the Nigerian Exchange All Share Index, which has risen 35 percent in the same period.
Image Credit: BusinessDay
