• Zenith Bank explores East African expansion, holds talks with regulators

• Denies reports of confirmed Paramount Bank acquisition in Kenya

• Strategy targets sub-Saharan growth, follows 2024 Paris branch opening
  

Zenith Bank, one of Nigeria’s largest banking groups, has informed shareholders that it is exploring several avenues for regional expansion, including entry into East African markets. In a note dated Tuesday, November 18, 2025, the bank stated it has engaged in discussions with various regulatory authorities to examine the possibility of an East African presence.

The planned expansion may include acquiring existing financial institutions in the region. This approach aligns with the bank's long-term strategy of increasing its footprint across sub-Saharan Africa and diversifying its revenue streams.

Addressing Paramount Bank Rumors

Zenith Bank's communication follows widespread rumors suggesting it was nearing an acquisition of Paramount Bank, a small Kenyan lender, with reports claiming advanced discussions were already underway.

Zenith Bank clarified that no decision has been finalized and no transaction is currently in progress. Management emphasized that any premature conclusions published without official authorization do not reflect the reality of its internal process. As of today, Zenith Bank has no presence in East Africa, having initially focused its continental expansion on Francophone Africa.

In November 2024, the bank opened a branch in Paris, a strategic move aimed at facilitating Euro-African transactions and strengthening relationships with institutional investors. Domestically, the Nigerian bank has also announced its interest in Cameroon and Côte d’Ivoire, two markets where Nigerian banking groups are steadily increasing their presence. Zenith Bank’s ambition is to gradually expand its African network, while adapting its operations to local regulatory requirements and meeting the financing needs of the economies where it seeks to establish itself.

Chamberline Moko