First Bank of Nigeria Limited is expanding into Ethiopia, Angola, and Cameroon, capitalizing on emerging banking opportunities in these markets. Following recent reforms, Ethiopia is now open to foreign banks, allowing up to 49% ownership. The bank’s rich history and diversified business model position it well for growth in sub-Saharan Africa.

First Bank of Nigeria Limited is poised for significant expansion within sub-Saharan Africa, focusing on new markets such as Ethiopia, Angola, and Cameroon. The Deputy Managing Director, Ini Ebong, emphasized the attraction of large economies with developing banking sectors. Following recent legislative changes, Ethiopia is set to permit foreign banks to enter its market, allowing them to own up to 49% of shares. This development presents a vital opportunity for First Bank to extend its operations in strategically important regions. First Bank has a robust legacy, having commenced international activities in 2011 with acquisitions across several African nations and establishing a presence in Europe and Asia. Its recent financial performance showcases impressive growth, solidifying its position in the African banking landscape.

First Bank of Nigeria Limited has over 130 years of experience in the banking industry, with its operations expanding significantly since 2011 when it began acquiring local banks across Africa. The current financial landscape in various sub-Saharan countries is evolving, leading to new prospects for institutions like First Bank. The recent legislative reforms in Ethiopia reflect a broader trend of financial sector liberalization, stimulating interest from foreign banks seeking to establish a foothold in growing markets. With its diversified portfolio and strategic geographical presence, First Bank is well-positioned to leverage these opportunities for future growth.

First Bank of Nigeria Limited’s initiative to expand into Ethiopia, Angola, and Cameroon highlights its strategic approach to tapping into emerging financial markets across Africa. The legislative changes in Ethiopia represent a pivotal moment for foreign investment in the region, offering substantial opportunities for growth. With its strong market presence and impressive financial performance, First Bank is set to continue its legacy of successful expansion in the continent’s evolving banking landscape.

Original Source: nairametrics.com