Zenith Bank Set to Open Branches in Another African Country
- Zenith Bank Plc has announced plans to expand further into Africa, beginning with the Ivory Coast
- The bank was said to be considering setting up operations or acquiring existing ones in the WAEMU and the Central African bloc
- Olukayode Akinbinu, Zenith’s head of strategy, said the Ivory Coast branch could open this year, with Cameroon's to follow as soon as possible
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Zenith Bank Plc, Nigeria’s second-largest lender by market value, is set to expand further into other African countries.
The commercial bank is looking to start with the Ivory Coast, after raising fresh capital to meet new regulatory requirements.
Source: Getty Images
According to Bloomberg, Olukayode Akinbinu, Zenith Bank’s head of strategy, said the lender is considering setting up operations or acquiring existing ones in the West African Economic and Monetary Union (WAEMU) and the Central African bloc.
He said.
“Ivory Coast is likely to open this year, then Cameroon as soon as possible."
Zenith Bank raises funds for expansion
The bank said it will channel 40% of the N350.5 billion ($231 million) it raised this year into overseas expansion.
The funds were part of efforts to comply with new Central Bank of Nigeria (CBN) rules that increased minimum capital requirements tenfold, with a March 2026 deadline.
Why Ivory Coast is attractive
Ivory Coast has averaged 6.7% annual economic growth over the past five years, ranking among the fastest-growing economies in the world.
Its performance makes it a top destination for regional investors and an entry point for further West African expansion.
Zenith Bank already operates in Ghana, Sierra Leone, and The Gambia, with additional offices in South Africa, the UK, France, China, and Dubai, BusinessDay reports.
Source: Getty Images
Zenith Bank's performance in 2025
So far in 2025, Zenith’s shares have gained 43%, compared with a 35% increase in the Nigerian Exchange All Share Index.
Also, in its recently released audited results for the first quarter, 2025, Zenith Bank Plc’s profit after tax soared by 52.58% to N1.032 trillion in 2024 from N676.909 billion in 2023.
Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023, d
It also recorded a double-digit year-on-year growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024.
This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities and growth in the bank’s loan book.
Access Bank secures purchase approval
Earlier, Legit.ng reported that Access Bank (Kenya) Plc secured permission to complete the acquisition of the National Bank of Kenya (NBK).
Kamau Thugge, Central Bank of Kenya (CBK) Governor, confirmed that CS John Mbadi approved the transaction in a gazette notice dated April 11, 2025.
Affected employees would continue working for the bank for at least one year after the acquisition is finalised
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
