Zenith Bank Targets Francophone Africa With Expansion Drive
TLDR
- Zenith Bank Plc is preparing to enter French-speaking Africa, starting with Ivory Coast, in a push to follow its corporate clients across borders
- The Nigerian lender, which operates over 400 branches at home and closed 2024 with assets of ₦29.96 trillion ($19.9 billion), is prioritising Abidjan
- The bank will run its francophone strategy from Paris, linking African operations to euro liquidity and trade finance lines
Zenith Bank Plc is preparing to enter French-speaking Africa, starting with Ivory Coast, in a push to follow its corporate clients across borders and build a continental presence.
The Nigerian lender, which operates over 400 branches at home and closed 2024 with assets of ₦29.96 trillion ($19.9 billion), is prioritising Abidjan as its first entry point. Executive director Henry Oroh said demand from blue-chip and pan-African companies that operate in both English- and French-speaking markets is driving the move.
“Follow the money, that’s the concept,” Oroh said, noting that clients want a bank that can manage large cross-border transactions quickly. Zenith plans to recruit senior local bankers, equip them with strong technology, and use its brand to secure the first wave of customers.
Expansion will be phased: Ivory Coast first, with Cameroon and Senegal to follow. The bank will run its francophone strategy from Paris, linking African operations to euro liquidity and trade finance lines.
Zenith’s growth plan remains cautious. “We’d rather lose a deal than our capital,” Oroh said.
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Key Takeaways
Zenith’s pivot toward Francophone Africa reflects a wider shift among Nigerian banks seeking to diversify beyond their home market. The West African Economic and Monetary Union (WAEMU) is growing at close to 7% annually, driven by natural resources and infrastructure projects, making it an attractive region for lenders. Ivory Coast, the bloc’s largest economy, offers Zenith both scale and an underbanked retail and corporate base. Competition will be intense. Pan-African players like Ecobank, Attijariwafa Bank, and Société Générale already dominate WAEMU’s banking sector, while new digital entrants are eroding fee income. To succeed, Zenith must balance its “speed-first” culture with careful navigation of local regulations, political risk, and entrenched banking networks. Its cautious approach—backed by a strong balance sheet, rigorous risk controls, and capital raised well ahead of schedule—signals confidence but also restraint. Using Paris as a hub for liquidity and governance may help bridge language and regulatory gaps. If Zenith executes effectively, it could position itself as one of the first Nigerian banks to achieve real scale in Francophone Africa, proving that “following the money” across linguistic and regulatory lines can pay off.
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