Absa Eyes Africa Nations With Critical Minerals to Expand Income

Absa Group Ltd. is pivoting toward commodity-rich African nations and critical-minerals corridors to diversify its income and reduce dependence on the continent’s biggest economies.

The South African lender, which operates in 12 African countries, is “hugely concentrated” in its home market, Kenya, and Ghana, but sees “massive opportunities” in places such as Uganda, Tanzania and Zambia, Chief Executive Officer Kenny Fihla said.