Africa’s largest lender by market value, is set to embark on an ambitious expansion strategy, targeting acquisitions in various African countries to solidify its position as a financial powerhouse on the continent.

Mary Vilakazi, the incoming Chief Executive Officer of FirstRand, revealed the bank’s growth plans in an interview at the Johannesburg headquarters. Vilakazi, who is set to take the helm from Alan Pullinger, expressed the bank’s interest in acquiring not only traditional banking institutions but also exploring opportunities in non-traditional financial services.

“We are exploring avenues to participate in financial services beyond the conventional banking model. This could involve ventures that don’t necessarily require setting up branches or obtaining a banking license,” Vilakazi explained. However, she emphasized the challenge of identifying suitable targets at reasonable prices in the dynamic market.

FirstRand’s expansion strategy comes at a time when its competitors, Standard Bank Group and Nedbank Group, are also capitalizing on the rapid economic growth transforming several African nations. While FirstRand already has a presence in West and Southern Africa, the bank is eyeing further expansion into the East, with a particular interest in entering the Kenyan market.

In the past year, FirstRand’s shares rose by 18%, though it lagged behind Standard Bank’s impressive 24% rally. Despite recent challenges faced by South Africa’s economy, including power outages and logistical constraints, Vilakazi remains optimistic about the country’s future prospects.

“Over the next 10 years, South Africa’s economic outlook appears brighter than in the past decade,” Vilakazi noted, highlighting the potential for growth and development.

South Africa is gearing up for national elections, which are anticipated to be the most competitive since the country embraced democracy almost 30 years ago. Surveys suggest that the ruling African National Congress (ANC) may face challenges in maintaining its absolute majority, potentially signaling a shift in the political landscape.

“For a healthy democracy, it’s crucial for political parties to know that if they don’t deliver on promises, they risk losing elections. This upcoming election might be intense, but it’s a vital step in strengthening our democratic institutions,” Vilakazi remarked.

As FirstRand sets its sights on strategic acquisitions and geographical expansion, the bank aims to play a pivotal role in shaping Africa’s evolving financial landscape and contributing to the continent’s economic development.