Nigeria’s Zenith Bank is set to launch operations in Côte d’Ivoire later this month, marking its first entry into Francophone West Africa as part of a broader regional expansion strategy, the lender said.
The new subsidiary, Zenith Bank Côte d’Ivoire, is scheduled to begin operations on April 29 after receiving regulatory approval in December 2025. It will focus on corporate banking, trade finance, and structured financial services for international clients, according to company disclosures.
The expansion positions Zenith Bank, Nigeria’s third-largest lender by assets, at approximately fifteen point six billion dollars in 2024, within one of West Africa’s fastest-growing banking markets.
The Ivorian unit will be led by banker Cédric Tano and is expected to serve both local and cross-border corporate clients across the West African Monetary Union (WAEMU).
The move marks Zenith Bank’s formal entry into Francophone Africa and builds on a wider internationalisation drive announced in November 2024, when the group opened a branch in Paris and outlined plans to expand into Côte d’Ivoire and Cameroon.
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Founded in 1990 by Jim Ovia, Zenith Bank already operates in several African markets, including Ghana, Sierra Leone, The Gambia, and Kenya, following its acquisition of Paramount Bank earlier this month. The group also maintains a presence in key global financial centres such as the United Kingdom, France, the United Arab Emirates and China.
For the financial year ended December 31, 2025, Zenith Bank reported consolidated revenue of four thousand one hundred ninety billion naira (about three point zero seven billion dollars), a six per cent increase from the previous year. Growth was driven largely by a thirty-five per cent rise in interest income.
However, profit before tax fell by five per cent to one thousand two hundred sixty billion naira, while net profit rose marginally by one per cent to one thousand forty billion naira.
The Côte d’Ivoire expansion comes as the country’s banking sector continues to expand in size and depth. As of end-2025, Côte d’Ivoire had thirty-three licensed credit institutions, including twenty-nine banks and four financial institutions.
The Ivorian market represents about thirty-five point six per cent of total banking assets in the WAEMU bloc, according to regional banking data, making it the largest financial hub in the eight-member monetary union.
Sector indicators point to steady growth momentum. Loans to the economy increased by eleven point five per cent between 2023 and 2024, reflecting rising credit demand across businesses and households.
Asset quality has also shown gradual improvement, with the non-performing loan ratio declining to seven per cent in June 2024 from seven point two per cent a year earlier. Capital adequacy indicators strengthened modestly over the same period, while portfolio risk levels continued to ease, according to African Development Bank data.
Analysts say the combination of rising credit penetration, relative macroeconomic stability and a large corporate base has made Côte d’Ivoire an increasingly attractive destination for regional banks seeking growth beyond saturated home markets.
Zenith Bank’s entry adds to growing competition in the WAEMU banking space, where both pan-African and international lenders are expanding their footprint to capture trade finance flows and cross-border investment opportunities.
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The Abidjan launch is expected to further deepen financial integration between Anglophone and Francophone West Africa, while intensifying competition in one of the region’s most dynamic banking markets.
