Zenith Bank Enters Cameroonian Market

Nigeria’s second-largest commercial lender by assets, Zenith Bank, is expanding its presence in Central Africa with plans to establish operations in Cameroon. This move follows recent expansions into Côte d’Ivoire and Kenya earlier this year.

The decision to make Cameroon a regional headquarters isn’t arbitrary—in 2025, the country accounted for 46.5% of bank deposits and remained the largest contributor to banking profits in the CEMAC (Central African Economic and Monetary Community) zone. This strategic positioning will allow Zenith to access significant financial activity while expanding into neighboring markets.

Expansion Strategy

While the exact entry method remains undisclosed, banks typically enter new territories through licensing or acquisition. Zenith’s recent acquisitions align with its previously stated ambition to expand across Francophone Africa—the bank aims to operate in eight countries within the WAEMU (West African Economic and Monetary Union) region.

This expansion marks a broader trend among Nigerian banks like Access Bank and UBA, which are increasingly establishing continental networks that facilitate trade and financial services.

Yoco Appoints New CEO

South African fintech startup Yoco has named Carsten Höltkemeyer as its new CEO, effective June 1. This appointment marks the end of a nine-month period where co-founders Bradley Wattrus and Lungisa Matshoba served as interim CEOs.

Höltkemeyer brings extensive experience from European banking and embedded finance companies, including roles at Solaris and auxmoney. With Yoco now valued around $700 million, the company plans to focus on AI-powered solutions and integrated software tools that help small businesses compete more effectively.