Zenith Bank targets Ivory Coast in $231m Africa expansion drive
Zenith Bank Plc, Nigeria’s second-largest lender by market value, is set to expand its footprint across Africa, beginning with the Ivory Coast, after raising fresh capital to meet new regulatory thresholds.
The bank plans to channel about 40% of the ₦350.5 billion ($231 million) it raised this year into overseas operations, according to Olukayode Akinbinu, head of strategy and leader of the expansion project. Ivory Coast is expected to host Zenith’s first new operation this year, followed by Cameroon, “as soon as possible,” Akinbinu said to Bloomberg.
Zenith Bank is targeting countries within the West African Economic and Monetary Union and the Economic Community of Central African States before scaling into other parts of the continent.
The move comes as the Ivory Coast, West Africa’s second-largest economy, continues to post strong growth — averaging 6.7% over the past five years — making it an attractive destination for investors.
Currently, Zenith operates subsidiaries in Ghana, Sierra Leone, and The Gambia, with a representative office in South Africa. Beyond Africa, the bank runs operations in the UK and France, with a representative office in China and a Dubai branch under its UK subsidiary.
Zenith Bank’s shares have surged 43% in 2025, outpacing the Nigerian Exchange All Share Index’s 35% gain. Analysts say the expansion drive mirrors a broader trend among Nigeria’s largest lenders, which have been diversifying into payments, pensions, and asset management services, while spreading operations abroad to mitigate domestic risks.
The Central Bank of Nigeria recently raised banks’ minimum capital requirements tenfold, with a compliance deadline set for March 2026 — a policy that has spurred aggressive fundraising and strategic repositioning across the sector.
