African banks expand beyond home countries

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African banks are expanding beyond their home countries to capture expected growth in cross-border transactions and reduce exposure to domestic risks, a Fitch Ratings report said.
Banking groups in Kenya, Morocco, Nigeria, and South Africa are leading the expansion drive as the African Continental Free Trade Area “has the potential to significantly increase intra-African trade and investment,” the report said.
The contribution of foreign assets held by three of Nigeria’s largest banks — Access, UBA, and Zenith — rose sharply between 2021 and 2025, according to Fitch’s tally. Preferred expansion destinations vary: While Kenya’s developing retail lending market is attracting Nigerian and South African banks, Kenyan banks are flocking to DR Congo after Kinshasa joined the East African Community in 2022. Expansion moves widen revenue streams and aid African banking groups’ creditworthiness as they lower “exposure to weaknesses and shocks in individual countries,” Fitch said.

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