South Africa’s top lender sets sights on Ghana as Africa’s wealth market grows

First National Bank, a subsidiary of FirstRand Ltd., is targeting Ghana for private banking services to tap into Africa's growing affluent population.
The bank is also expanding its private banking footprint in Botswana, Namibia, Eswatini, and Zambia.
First National Bank operates in five of Africa's top 20 wealth markets, positioning it to capture a larger share of the region's growing affluence.

A subsidiary of FirstRand Ltd., South Africa’s largest bank by market capitalization, is setting its sights on Ghana as part of a broader strategy to tap into Africa’s growing affluent population.

First National Bank plans to roll out private banking services tailored to Ghana’s high-earning salaried professionals and self-employed individuals, Bloomberg reported.

Alongside this, the bank is also expanding its private banking footprint in Botswana, Namibia, Eswatini, and Zambia, to meet the evolving needs of its wealthy clientele.

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Africa’s wealth boom attracts global attention

Africa’s rising economic momentum and increasing industrialization have created fertile ground for wealth generation. As a result, global luxury brands and hospitality giants, from LVMH’s Louis Vuitton to Marriott International, are investing in the region, banking on the continent’s expanding middle class and growing number of millionaires.

According to Eric Enslin, the chief executive of FNB’s private banking and advisory unit, there is an untapped opportunity to target high-net-worth individuals.

Citing a report by Henley & Partners, Enslin noted that, excluding South Africa, the continent’s most developed economy, First National Bank already operates in five of Africa’s top 20 wealth markets, positioning it well to capture a larger share of the region’s growing affluence.

The Johannesburg-based lender’s renewed focus on Africa’s wealthy follows a strategic overhaul of its private banking operations in South Africa about four years ago.

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That revamp expanded its offerings to include comprehensive advisory services and tailored solutions for high-net-worth families.

As part of the shift, the bank upskilled and re-certified several of its private bankers as financial planners, enhancing its ability to serve approximately 1.63 million South African clients earning over 750,000 rand ($38,626) annually.

While Ghana is next in line for expansion, he noted that timelines for the rollout have not yet been fully defined. The move into private banking in Ghana will build on First National Bank’s existing retail banking operations in the country.