Standard Bank plans to double the size of its West African business by 2030 as it looks to benefit from economic reforms and stronger growth in key markets including Nigeria, Ghana and Ivory Coast.
The bank’s West African earnings are currently about half the size of its South African operations. Luvuyo Masinda, Standard Bank’s head of corporate and investment banking, said the goal is for the region to reach a similar scale to its home market.
The expansion will focus heavily on Nigeria, Africa’s largest economy and most populous country. Recent reforms to the foreign-exchange market, energy sector and broader economy are helping attract investment into natural resources and infrastructure.
Standard Bank also sees significant potential in Ivory Coast, one of West Africa’s fastest-growing economies, as well as Ghana, which is recovering from its 2022–2023 sovereign debt crisis.
The lender plans to increase its involvement in projects across power, renewable energy, ports and infrastructure, while using its international offices in New York, Dubai, London and Beijing to connect African opportunities with global capital.
Standard Bank is also planning new hires in the region and intends to use fintech to expand its retail and small-to-medium business customer base.
Beyond West Africa, the bank is targeting opportunities in markets including Kenya, Angola and Egypt, where improved regulation and more predictable monetary policies are attracting financing and private equity.
Masinda said stronger currencies, transparent exchange-rate systems and stable monetary policies are becoming increasingly important in attracting international capital.
Although several initial public offerings are being prepared across sectors such as fintech, telecommunications, retail and infrastructure, some have slowed as valuations change.
Standard Bank’s expansion comes as African economies compete for more international investment, with infrastructure and energy expected to remain key areas of opportunity.
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