South Africa's largest bank by market capitalization, FirstRand Ltd., is expanding its private banking services to Ghana as part of a broader strategy to tap into Africa's growing affluent population. Through its subsidiary, First National Bank, the lender aims to cater to Ghana's high-earning salaried professionals and self-employed individuals.

This move is part of First National Bank's broader expansion plan in Africa, which includes Botswana, Namibia, Eswatini, and Zambia. The bank already operates in five of Africa's top 20 wealth markets, positioning it to capture a larger share of the region's growing affluence. 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 in these markets.

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. This growing wealth market presents a significant opportunity for financial institutions like First National Bank to offer tailored services to high-net-worth individuals.

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. The 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, the 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. This strategic expansion is expected to further solidify the bank's position as a leading financial institution in Africa, catering to the evolving needs of its wealthy clientele.

The growth of Africa's wealth market is attracting global attention, with many international players investing in the region. As the continent's affluent population continues to grow, financial institutions like First National Bank are well-positioned to capitalize on this trend. With its expanded private banking services, the bank is poised to capture a larger share of the region's growing affluence, further solidifying its position as a leading player in Africa's financial sector.