First National Bank Targets Ghana Amid Africa’s Wealth Expansion

First National Bank (FNB), a subsidiary of South Africa’s FirstRand Ltd., is expanding into Ghana to tap into the country’s growing affluent population. This move is part of FNB’s broader strategy to enhance its private banking services across Africa, including recent expansions in Botswana, Namibia, Eswatini, and Zambia. The bank aims to offer tailored services to high-earning professionals and entrepreneurs in Ghana, capitalizing on the continent’s increasing number of millionaires and expanding middle class. FNB’s Chief Executive of Private Banking and Advisory, Eric Enslin, highlighted the untapped opportunities in Africa’s wealth markets, noting that FNB already operates in five of the continent’s top 20 wealth markets. While specific timelines for the Ghana rollout are yet to be defined, FNB’s initiative underscores the growing demand for sophisticated financial services in Africa’s emerging economies. 

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