Zenith Bank Plans Extension to Côte D’ Ivoire

Zenith Bank Plc is preparing to extend its operations into Francophone Africa, with Ivory Coast expected to become its next base of expansion. The move signals a new phase for Nigeria’s second-largest lender by market value, which is positioning itself to tap into high-growth regional markets.

The strategy follows the bank’s successful raising of ₦350.5 billion ($231 million) in fresh equity, a step required under the Central Bank of Nigeria’s recapitalisation programme that has raised minimum capital thresholds significantly, with compliance due by March 2026.

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Olukayode Akinbinu, Zenith’s Head of Strategy, confirmed that the institution is reviewing options that include building new operations from the ground up or acquiring existing players in both the West African Economic and Monetary Union and the Central African region. “Ivory Coast is likely to open this year, then Cameroon as soon as possible,” he noted in comments reported by Bloomberg.

Roughly 40 per cent of the newly raised funds will be allocated to offshore growth initiatives. For Zenith, Ivory Coast presents a compelling first step: the economy has expanded by an average of 6.7 per cent annually over the past five years, reinforcing its position as one of the most dynamic investment destinations in Africa.

Zenith already runs operations in Ghana, Sierra Leone and The Gambia, and maintains representative offices in South Africa, the United Kingdom, France, China and Dubai. Investors have responded positively to its growth trajectory, with the bank’s stock climbing 43 per cent so far this year, compared with a 35 per cent rise in the Nigerian Exchange All Share Index.