₦airaland Forum

The largest banks in Africa excel in cross-border operations and lead the way in adopting and adapting to new technologies. Their strong financial foundations and extensive global networks ensure they remain key players in Africa’s Top 100 Banks 2024.

South Africa’s Standard Bank Group has consistently retained its position as Africa’s top bank, with the National Bank of Egypt holding firmly to second place for the fourth consecutive year. Standard Bank also leads in profitability, reporting a net profit of $2.7 billion—an 18% increase from the previous year.

While the gap between the two frontrunners has narrowed slightly, Standard Bank still maintains a commanding lead with Tier 1 capital of $12.5 billion, more than two-thirds higher than the National Bank of Egypt’s $7.5 billion, according to African Business Magazine.

Morocco’s Attijariwafa Bank has made significant gains, rising three places to third position after boosting its Tier 1 capital by 12% to reach $6 billion.

In contrast, many of Africa’s other leading banks have seen declines in their core capital compared to the 2023 rankings. The sharp depreciation of Nigeria’s naira against the US dollar has had a notable impact, as banks report financials in local currency.

Nigeria’s top-ranked bank by Tier 1 capital is FBN Holdings (First Bank of Nigeria), currently in 15th place with $1.9 billion, down one position from last year. It’s followed closely by Access Bank in 16th and Zenith Bank in 17th, the latter having dropped from 12th place, where it had been the highest-ranked Nigerian bank.

The top banks in Africa include Standard Bank Group (South Africa, tier 1 capital of $12.5 billion), National Bank of Egypt (Egypt, tier 1 capital of $7.5 billion), Attijariwafa Bank (Morocco, tier 1 capital of $6 billion), Absa Bank (South Africa, tier 1 capital of $5 billion) and Banque Centrale Populaire (Morocco, tier 1 capital of $5 billion).

Others are Banque Misr (Egypt, tier 1 capital of $5 billion), FirstRand (South Africa, tier 1 capital of $5 billion), Nedbank (South Africa, tier 1 capital of $5 billion), Banque Extérieure d’Algérie (Algeria, tier 1 capital of $3 billion) and Bank of Africa – BMCE Group (Morocco, tier 1 capital of $3 billion).

SalamRushdie:
No Nigerian bank in the top 10 in Africa should tell you how poor Nigeria actually is

SalamRushdie:
No Nigerian bank in the top 10 in Africa should tell you how poor Nigeria actually is

faoogoke:
The countries with the top 10 banks have only the tops banks as their only banks while in Nigeria we have many banks which if combined would easily be among the top 10 in Africa.

Racoon:
In every indices of economic, developmental progress, Nigeria is not always in the top ranking under this dispensation. It tells a lot about how it is being administered by utterly clueless and useless entities.

SalamRushdie:
No Nigerian bank in the top 10 in Africa should tell you how poor Nigeria actually is

Ewedegubbler:
Don’t forget that South Africa has only 4 banks.

Nedbank
FNB
ABSA
Standard

faoogoke:
The countries with the top 10 banks have only the tops banks as their only banks while in Nigeria we have many banks which if combined would easily be among the top 10 in Africa.

SalamRushdie:
No Nigerian bank in the top 10 in Africa should tell you how poor Nigeria actually is

faoogoke:
The countries with the top 10 banks have only the tops banks as their only banks while in Nigeria we have many banks which if combined would easily be among the top 10 in Africa.