• Nigerian lender to open its first Francophone subsidiary on April 29

• Move marks expansion into WAEMU’s largest banking market

• Entry comes as Côte d’Ivoire’s banking sector shows steady growth

Zenith Bank, Nigeria’s third-largest bank by total assets ($15.6 billion in 2024), is set to officially launch operations in Côte d’Ivoire on April 29, according to media reports.

The new entity, Zenith Bank Côte d’Ivoire, received regulatory approval in December 2025. It will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions for international clients. The subsidiary will be led by banker Cédric Tano.

Expansion into Francophone Africa

The move marks Zenith Bank’s entry into Francophone West Africa and forms part of a broader expansion strategy announced in November 2024, when the group opened its Paris branch. At the time, the bank outlined plans to expand into Côte d’Ivoire and Cameroon as part of its push into new markets.

Founded in 1990 by Jim Ovia, Zenith Bank operates across several African countries, including Ghana, Sierra Leone, and The Gambia. It recently expanded into Kenya following the acquisition of Paramount Bank on April 7. The group also maintains a presence in global financial hubs such as the United Kingdom, France, the United Arab Emirates, and China.

For the year ended December 31, 2025, Zenith Bank reported consolidated revenue of 4190 billion naira ($3.07 billion), up 6% from 3970 billion naira in 2024. The increase was driven by a 35% rise in interest income, which reached 3700 billion naira. Profit before tax declined by 5% to 1260 billion naira, while net profit edged up 1% to 1040 billion naira.

A fast-growing banking market

Zenith’s entry comes as Côte d’Ivoire’s banking sector continues to expand. As of December 31, 2025, the country had 33 licensed credit institutions, including 29 banks and four financial institutions.

The Ivorian banking market accounts for 35.6% of total assets in the West African Monetary Union (WAEMU), according to the Banking Commission’s 2024 annual report.

Sector indicators point to sustained growth. Loans to the economy rose 11.5% between 2023 and 2024. The non-performing loan ratio stood at 7% as of June 2024, down from 7.2% a year earlier. The capital-to-assets ratio improved from 7.66 to 7.85 over the same period, while the net portfolio deterioration rate fell from 2.8% in 2023 to 1.6% in 2024, according to the African Development Bank’s 2025 country report on Côte d’Ivoire.

These trends reflect a banking sector expanding alongside rising credit activity, making Côte d’Ivoire an increasingly attractive market for regional and international lenders.

Chamberline Moko