Zenith Bank, Nigeria’s second-largest lender by market value, is advancing plans to expand its operations into Ivory Coast as part of a broader African growth strategy. Following a successful capital raise of approximately 350.5 billion naira ($231 million) in early 2025, Zenith has earmarked 40% of these funds to fuel its expansion across Africa, with Ivory Coast set to be the first new market.
Ivory Coast, West Africa’s second-largest economy, has shown steady economic growth averaging around 6.7% over recent years and mirrors the bank’s ambitions to tap new high-potential markets. Zenith aims to extend its footprint within the West African Economic and Monetary Union (WAEMU) and the Economic Community of Central African States (ECCAS), with plans to follow up 2025’s Ivory Coast launch with entry into Cameroon and eventual moves into East Africa.
The bank’s strategy focuses on leveraging digital innovations, including AI-driven financial platforms and a suite of SME-targeted products, to bridge significant financial inclusion gaps. Ivory Coast’s national financial inclusion rate currently stands at 51%, leaving ample scope for growth through accessible banking services, especially for underserved small businesses and women entrepreneurs.
In addition to retail and corporate banking, Zenith is set to capitalize on robust regional trade flows, advancing cross-border payment solutions aligned with the African Continental Free Trade Area (AfCFTA) objectives. A recently opened Paris branch supports this Euro-African connectivity, positioning Zenith to facilitate West African trade with Europe efficiently.
Zenith Bank’s expansion is backed by strong financials, reporting record profits and a market capitalization exceeding N2.6 trillion in 2024. The planned foray into Ivory Coast signals a commitment to transforming the bank into a pan-African powerhouse while contributing to African economic integration and sustainable development.
The move complements Zenith’s existing presence in Ghana, Sierra Leone, The Gambia, UK, South Africa, China, and the UAE, marking a clear shift toward broader continental influence and resilience against Nigeria’s changing regulatory landscape.
