Zenith Bank, one of Nigeria’s largest lenders, is set to open a new subsidiary in Côte d’Ivoire this year, marking its first foray into Francophone Africa.
The move underscores the bank’s ambition to build a regional footprint while serving the growing cross-border needs of its corporate clients.
Olukayode Akinbinu, Zenith’s Head of Strategy, told Bloomberg earlier in the month that “Ivory Coast is likely to open this year, then Cameroon as soon as possible,” signalling that the expansion will serve as a launchpad for entry into other French-speaking markets in West and Central Africa.
Beyond Nigeria, the banking group already operates in Ghana, Sierra Leone, and Gambia, with representative offices in South Africa, the United Kingdom, France, China, and Dubai. Côte d’Ivoire will now serve as a key gateway into Francophone Africa.
Greenfield entry strategy
Rather than acquiring an existing lender, Zenith has opted to build its Côte d’Ivoire operation from scratch. In a more recent interview with The Africa Report, Henry Oroh, the bank’s Executive Director, said steep valuations for existing institutions made acquisitions less attractive at this stage.
He, however, added that the lender would still consider acquisitions if forced or distressed assets become available.
The decision reflects a deliberate strategy to embed Zenith’s model in Côte d’Ivoire from inception. “They are just waiting for us to open our doors,” Oroh said of the bank’s multi-market clients, citing prospective “hundred-million-dollar tickets.”
Why Côte d’Ivoire?
Côte d’Ivoire was chosen for its strong economic fundamentals and central role in the West African Economic and Monetary Union (UEMOA).
The country accounts for 40% of the bloc’s economic output and 42% of exports, with a diversified industrial base and robust growth supported by local processing and an expanding oil and gas sector.
The International Monetary Fund projects inflation will ease to UEMOA’s 3% target by 2025, further bolstering the investment climate.
Strong financial base
Zenith is entering the market on the back of solid financial results.
The lender raised $234 million (₦350 billion) through a rights issue and public offering in January, boosting its capital base to $410 million (₦614.6 billion) — well above the Central Bank of Nigeria’s new regulatory requirements.
With total assets of $20 billion (₦30 trillion) and a 53% rise in post-tax profit to $688 million (₦1.03 trillion) in 2024, analysts say, Zenith has the firepower to support expansion.
Note: Local currency figures were converted to US dollars using the exchange rate of ₦1,501/$1 as of September 18, 2025.
