First National Bank, a division of FirstRand, set to introduce exclusive private banking offerings for wealthy clients in Ghana

A subsidiary of FirstRand, the largest bank in South Africa by market capitalization, is set to launch private banking services in Ghana while also enhancing its offerings in four additional markets to capitalize on the continent’s increasing population of affluent individuals.

First National Bank plans to establish a private banking division aimed at Ghana’s wealthy salaried and self-employed clientele. In addition, it intends to expand its private banking services in Botswana, Namibia, Eswatini, and Zambia to better cater to the evolving needs of its affluent customers.

Africa represents a growing market for wealth generation, driven by robust economic growth alongside continent-wide initiatives to expand key industries and enhance industrialization. High-end retailers and leading hotel chains, from LVMH’s Louis Vuitton to Marriott International, are banking on the rising purchasing power and the expansion of the middle class and millionaire demographics across the continent.

“There is a significant opportunity to target high net worth individuals,” stated Eric Enslin, the CEO of FNB’s private banking and advisory division. He noted that, excluding South Africa—the continent’s most affluent economy—the bank operates in five of Africa’s top 20 wealth markets according to a report by Henley & Partners.

The Johannesburg-based bank’s renewed emphasis on Africa’s wealthy comes roughly four years after it revamped its private banking services in its home market to incorporate more advisory offerings and solutions for families. As part of this initiative, it invested in upskilling and converting numerous private bankers to certified financial planners to effectively serve about 1.63 million clients in South Africa who earn over R750,000 ($38,626) annually.

“It took us more than two years to successfully transition and achieve significant momentum, but our investment inflows, insurance activities, banking and lending operations, as well as our market share—key metrics we monitor—are all showing positive trends and moving in the right direction,” Enslin remarked.

Currently, the private banking division aims to concentrate on existing markets and has already commenced efforts to optimize operations in Botswana, Namibia, Eswatini, and Zambia, Enslin said. At this point, timelines for the Ghana initiative have not been “fully defined,” he added. The introduction of private banking services in Ghana will complement its existing retail banking operations in the region.

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