In the 2025 edition of African Business Magazine’s annual Top 100 Banks ranking, Nigerian banks once again failed to secure a spot among the continent’s top ten, extending a trend that began last year.
South Africa’s Standard Bank Group, Egypt’s National Bank, and Morocco’s Attijariwafa Bank retained their dominance, holding the top three positions for a second consecutive year.
Nigeria’s Leading Banks Trail
Access Bank Group led Nigerian entries at a distant 14th place, with Tier 1 Capital exceeding ₦594.90 billion (approximately $0.75 billion), total assets significantly higher than previously reported, and a robust profit profile.
Zenith Bank followed at 16th, boasting the highest Tier 1 Capital among Nigerian banks at ₦614.65 billion (around $0.78 billion), alongside strong asset and earnings performance.
FBN Holdings (First Bank of Nigeria) ranked 19th, with slightly lower capital levels and earnings, but still among the top three Nigerian contenders.
These figures underscore the widening gap between Nigerian banks and their North African counterparts, particularly in Tier 1 Capital — a key measure of financial strength.
Sidebar: Nigerian vs. North African Banks
Leading Banks, Growing Stars
Standard Bank remains Africa’s largest lender, with Tier 1 Capital rising to $13.2 billion from $12.5 billion in 2024. The National Bank of Egypt followed with $7.3 billion, while Attijariwafa Bank secured third place with $6.2 billion.
Attijariwafa Bank also posted a 26.6% increase in net profit, reaching $950 million, and expanded its footprint across 13 African markets.
North Africa continues to dominate the rankings, contributing 42 banks to the Top 100 — 17 from Egypt and nine from Morocco. The region’s combined Tier 1 Capital rose to $57.9 billion.
Meanwhile, East Africa emerged as the fastest-growing banking region, now accounting for 21 banks in the Top 100, up from 13 in 2022. Kenya led the charge with ten entries, while Ethiopia gained ground following financial sector deregulation.
East African banks collectively hold $12.7 billion in Tier 1 Capital, up from $10.5 billion last year. Among the biggest movers, Awash International Bank of Ethiopia climbed 18 places to #50 — the most significant leap in the 2025 rankings.
Evaluation Metrics
Banks were evaluated primarily on Tier 1 Capital, which includes initial capital, reserves, and retained earnings — key indicators of a bank’s ability to absorb losses.
The rankings also considered total assets and the size of loan books to assess overall financial strength.
African Business Magazine, known for its data-driven insights and pan-African perspective, continues to spotlight the continent’s evolving financial landscape through its annual rankings.
Last Lines
As Nigerian banks continue to be absent from Africa’s top ten, it implies that the nation’s banking sector needs urgent strategic recalibration.
Although they boast regional influence, they lag in Tier 1 Capital and cross-border expansion — both critical for continental leadership.
To regain a competitive footing, Nigerian banks may need to advance deeper regional integration, shore up capital buffers, and embrace innovation in digital banking and financial inclusion.
As East and North African banks surge ahead, Nigeria’s banking sector faces a defining moment: adapt or risk further marginalisation in Africa’s evolving financial landscape.