FirstBank, a leading Nigerian financial institution, is expanding into Ethiopia, capitalizing on the country's recent financial sector liberalization. This move, announced to The Africa Report, signals growing international interest in Ethiopia's burgeoning economy.
FirstBank's Deputy Managing Director, Ini Ebong, cited Ethiopia's size and the opening of its financial markets as key drivers for this strategic expansion, adding it to a portfolio that already includes Angola and Cameroon. The bank plans to leverage its experience in strategic acquisitions to establish a strong presence in the Ethiopian market.
This expansion reflects a broader trend of African banks seeking growth opportunities across the continent and highlights the increasing competition within Ethiopia's evolving financial landscape, according to AS.