Mary Vilakazi-led FirstRand plans bank for Ghana’s super-rich

Key Points

• FirstRand’s private banking push in Ghana and four other African markets aims to capture the continent’s growing millionaire and high-earning professional class.
• The strategy builds on FirstRand’s South African model, where certified financial planners target clients earning above R750,000, driving growth across wealth solutions.
• As Africa’s economies industrialize, FirstRand sees tailored private banking as key to deepening client relationships and expanding its footprint beyond South Africa.

FirstRand, a leading financial services group led by Mary Vilakazi, is sharpening its focus on Ghana’s affluent population through its retail and private banking arm, First National Bank (FNB). The move underscores FirstRand’s strategy to capture a larger share of Africa’s rising wealth segment as the continent’s millionaire ranks swell on the back of economic growth and industrialization.

FirstRand eyes Africa’s emerging wealth class

The Johannesburg-based lender, through its subsidiary First National Bank (FNB), is preparing to launch private banking services in Ghana, targeting high-earning professionals and self-employed entrepreneurs.

At the same time, the lender is deepening its private client offerings in Botswana, Namibia, Eswatini, and Zambia — four of its most established cross-border markets — to meet rising demand from Africa’s growing pool of high-net-worth individuals.

Eric Enslin, CEO of FNB Private Banking and Advisory, called the continent’s accelerating wealth creation a prime opportunity for tailored financial services. “There’s significant untapped potential among high net worth individuals,” Enslin said, underscoring the bank’s emphasis on advisory-led financial planning and wealth solutions.

Excluding South Africa, FirstRand operates in five of Africa’s 20 wealthiest markets. Its private banking expansion builds on a model first introduced at home four years ago, which repositioned its bankers as certified financial planners and focused on clients earning over R750,000 ($38,626) annually. According to Enslin, the strategy took two years to take root but has since driven steady growth across investments, insurance, lending, and market share.

Dippenaar’s legacy at FirstRand

Co-founded by Laurie Dippenaar in 1977, FirstRand leads Africa’s financial sector with a $24.5 billion market cap. Under Dippenaar’s strategic leadership, the group has transformed banking across the continent, offering diverse financial solutions. His legacy includes the FirstRand Laurie Dippenaar Scholarship, supporting Africa’s emerging talent.

The Ghana launch, when finalized, will mark an expansion of First National Bank’s existing retail operations in the West African nation, positioning the lender to tap into one of the continent’s most promising wealth markets. As Africa’s economic landscape evolves, FirstRand is betting that private banking and advisory services will become a cornerstone of its future growth beyond South Africa.