FirstBank Expands to Drive Financial Inclusion and Growth in Ethiopia, Angola, and Cameroon

A Strategic Expansion with Development Impact

As Africa’s financial systems undergo structural transformation, First Bank of Nigeria Limited is positioning itself for a new phase of growth that goes beyond market expansion to potential economic impact.

With over 130 years of banking experience, the institution is now turning its focus toward emerging African economies where financial systems are opening up and access to banking services remains uneven.

Key among these target markets are Ethiopia, Angola, and Cameroon—countries where regulatory reforms are creating entry points for foreign banks while also presenting opportunities to deepen financial inclusion.

This expansion is not just about footprint. It signals a broader shift toward participating in Africa’s next wave of financial system development.

Opening Markets, Expanding Access

Speaking at the Africa Financial Industry Summit, Deputy Managing Director Ini Ebong pointed to the growing attractiveness of large, underbanked economies.

These are markets where millions of individuals and small businesses still operate outside formal financial systems—limiting access to credit, savings, and structured economic participation.

“There are a number of large economies with large banking pools that are of interest to us because their financial markets are opening up,” Ebong said.

For institutions like FirstBank, this creates a dual opportunity: commercial growth on one hand, and on the other, the ability to support financial inclusion, SME financing, and broader economic participation.

The bank is also exploring Francophone markets such as Côte d’Ivoire, signalling a deliberate push toward regional integration and diversified growth.

Ethiopia’s Reform: A Turning Point for Inclusion

Among the markets under consideration, Ethiopia stands out as a transformative opportunity.

As Africa’s second most populous country, Ethiopia represents one of the continent’s largest untapped banking markets—where a significant portion of the population remains underserved by formal financial institutions.

Recent legislative reforms allowing foreign banks to establish subsidiaries mark a pivotal shift. While foreign ownership is capped at 49%, the move signals a broader opening of the financial system.

Governor Mamo Mihretu described the country as “open for business,” a statement that reflects both economic ambition and a willingness to integrate into the global financial ecosystem.

For incoming banks, the opportunity extends beyond profit margins. It includes enabling:

• Greater access to credit for small and medium-sized enterprises
• Expansion of digital and retail banking services
• Improved financial access for underserved populations

Revisiting Africa’s Growth Playbook

FirstBank’s strategy reflects a broader recognition that Africa may be entering another major banking expansion cycle—similar to the early 2000s when financial institutions rapidly expanded across newly liberalised markets.

According to Ebong, current developments across the continent mirror that earlier phase, with regulatory reforms and economic growth creating new entry points.

“We believe it is an opportune time to take part in the phase of growth that we see,” he noted.

This approach suggests a long-term view—one that aligns market entry with structural shifts in financial systems rather than short-term gains.

A Track Record of Regional Expansion

The bank’s expansion ambitions are backed by a history of calculated growth across Africa.

Its journey began in 2011 with the acquisition of Banque International de Credit in the Democratic Republic of Congo, followed by a series of acquisitions across West Africa, including Ghana, Sierra Leone, Guinea, The Gambia, and Senegal.

These moves helped establish a regional network capable of supporting trade, investment flows, and cross-border economic activity.

Beyond Africa, FirstBank maintains:

• A subsidiary in the United Kingdom
• Branches in London and Paris
• A representative office in Beijing

This international presence strengthens its ability to connect African markets with global financial systems.

Financial Strength Supporting Sustainable Growth

Expansion into new markets requires not only strategy but financial capacity.

The bank’s parent company, FBN Holdings, has recorded strong financial performance, providing a solid foundation for growth initiatives.

According to Fitch Ratings, FirstBank benefits from a stable funding profile, diversified revenue streams, and a strong market position within Nigeria.

This financial resilience is critical—not just for expansion, but for sustaining long-term investments in new markets, particularly in areas such as infrastructure, digital banking, and inclusive financial services.

Balancing Opportunity with Responsibility

While expansion presents clear opportunities, it also comes with responsibility.

Entering new markets requires navigating complex regulatory environments, managing economic risks, and ensuring that growth strategies are aligned with local development needs.

For FirstBank, success will depend on how effectively it balances commercial objectives with its potential role in supporting economic development.

This includes contributing to:

• Job creation within local financial ecosystems
• Increased access to finance for entrepreneurs and SMEs
• Strengthening of local banking infrastructure

Positioning for Africa’s Financial Future

FirstBank’s planned expansion into Ethiopia, Angola, and Cameroon reflects a broader shift in African banking from domestic consolidation to continental integration.

More importantly, it highlights how financial institutions can play a critical role in shaping inclusive growth across emerging markets.

As financial systems across Africa continue to evolve, institutions that move early into reforming economies will not only gain market share, they will also play a defining role in expanding access to finance and economic opportunity.

This shift reflects a broader trend where growth is increasingly tied to impact, with organizations expected to go beyond expansion and contribute meaningfully to development outcomes. This is evident in how companies are driving sustainable initiatives across sectors, as explored in our feature on How JMG is Empowering Lives Through Purposeful Energy Impact.

For FirstBank, this moment represents more than geographic expansion. It is an opportunity to help shape a more inclusive financial system, one that supports small businesses, enables job creation, and strengthens economic participation across emerging African markets.

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