Zenith Bank Plc, Nigeria’s second-largest lender, is set to expand into Côte d’Ivoire this year. The bank raised ₦350.5 billion ($231 million) to meet new capital rules in Nigeria.
About 40% of the funds will be invested in overseas expansion. Zenith’s head of strategy, Olukayode Akinbinu, said Côte d’Ivoire will be the first step, followed by Cameroon. The country’s strong growth—averaging 6.7% annually over the past five years—makes it attractive for investors. The bank already operates in Ghana, Sierra Leone, and The Gambia, as well as global hubs like London, Paris, and Dubai.
This move comes as the Central Bank of Nigeria raised minimum capital requirements tenfold, with a 2026 deadline. Zenith shares have risen 43% this year, outpacing the Nigerian Exchange All Share Index’s 35% gain.
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