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Zenith Bank, the Nigerian banking giant under the leadership of Nigerian banking tycoon Jim Ovia, is charting a new course in francophone and East Africa. The bank has unveiled plans to launch operations in Côte d’Ivoire in 2025, with Cameroon next on its radar, while simultaneously advancing an acquisition bid for a tier-two lender in Kenya.
This expansion drive comes weeks after Zenith completed a N350.4 billion ($229.74 million) capital raise, comprising a rights issue and public offer, that lifted its share capital to N614.65 billion ($402.69 million)—well above the N500 billion ($327.36 million) threshold set by the Central Bank of Nigeria (CBN) for international lenders. Approximately 40 percent of the new funds are earmarked for the overseas expansion.
Côte d’Ivoire entry first
Zenith’s head of strategy, Olukayode Akinbinu, confirmed that Abidjan will open this year, positioning the lender to tap into an economy that has averaged 6.7 percent annual growth over the past five years.
With rivals including Ecobank, GTBank, UBA, and Stanbic already in the market, Zenith will compete for corporate and retail clients in one of West Africa’s most dynamic economies. Cameroon will follow, giving Zenith access to the CEMAC (Central African Economic and Monetary Community) bloc, while diversifying its West and Central African footprint.
Kenya expansion on track
Zenith Bank is expanding into East Africa with plans to acquire a mid-sized lender in Kenya, a deal expected to close before the end of 2025. The move comes as the Central Bank of Kenya raises capital requirements for commercial banks from Ksh1 billion ($7.73 million) to Ksh3 billion ($23.18 million) by 2025, and then to Ksh10 billion ($77.28 million) by 2029. The tougher rules are squeezing smaller banks, many of which are now searching for bigger partners.
For Zenith, the timing offers both a foothold and an advantage. The bank joins fellow Nigerian lenders Access Bank and UBA, which already have a presence in Kenya, the region’s second-largest economy. The acquisition is more than just an expansion plan—it is a way to build resilience in a market where regulation is changing the shape of the banking sector and creating room for stronger cross-border institutions.
Strong financial backing
Zenith’s international ambitions are supported by record earnings. In 2024, the bank reported N3.97 trillion ($2.6 billion) in gross earnings, up 86 percent from 2023, and a jump in profit which reached N1.032 trillion ($670.7 million) in 2024, driven by solid performance across all income streams. Assets rose to N29.96 trillion ($19.5 billion), with a market capitalization of N2.67 trillion ($1.75 billion).
With this balance sheet strength and a fortified capital base, Zenith Bank is positioning itself to become a truly pan-African banking leader, extending its presence from Nigeria, Ghana, Sierra Leone, and Gambia to new footholds in Côte d’Ivoire, Cameroon, and Kenya—alongside existing subsidiaries in South Africa, the UK, France, and a China representative office.
