Africa’s 10 Biggest Banks by Asset Base, Nigerian Banks Missing

Africa’s 10 Biggest Banks by Asset Base, Nigerian Banks Missing

  • Some Nigerian banks, despite their size in the country, have not been able to make it to the list Africa's biggest banks
  • The biggest banks on the continent are located in Egypt and Kenya with over 30 banks followed by Uganda and Nigeria respectively
  • South African banks dominate the list of Banks with some of them valued as high as $100 billion

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Despite their claim of continental spread, Nigerian banks have missed out on the latest list of the 10 biggest banks in Africa.

Banks in Africa’s biggest economy have been aggressive in their push for a continental expansion in recent years but have not been able to catch up with their counterparts elsewhere as they have been dwarfed by assets of much larger banks in Africa.

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Banks, Africa, Nigeria, South Africa
African banks and their assest Credit: Bloomberg / Contributor
Source: Getty Images

UBA, Access, others fail the test

United Bank for Africa (UBA) has a presence in 20 countries and is regarded as one of the fastest-growing banks on the continent.

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Nigeria’s largest bank by asset, Access Bank, has a presence in about seven African countries with an aggressive push beyond the continent.

Africa is home to about 763 commercial banks located across the 54 countries on the continent.

Countries with biggest banks in Africa

According to Business Insider, Kenya and Egypt have the highest concentration of the largest banks in Africa, with 39 and 37 banks, respectively.

They are followed by Tanzania with 34 commercial banks, Nigeria and Uganda with 24 banks and Ghana with 23 banks.

Compared to Asia, Africa has a smaller number of commercial banks. Asia boats about 1,900 banks, the EU has about 6,000, and the US has more than 4,000.

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Also, African banks have very lower valuations than their foreign counterparts. However, some African banks are valued at about $100 billion in assets.

Assets include properties, cash reserves, account receivables and other resources.

List dominated mostly by South African banks.

  • Standard Bank (Stanbank) Group: $172.9bn
  • National Bank of Egypt: $124.9bn.
  • Absa Bank: $87.8bn.
  • FirstRand: $81.9bn.
  • Nedbank Group: $78.6bn.
  • Attijariwafa Bank: $63.8bn.
  • Banque Misr: $57.9bn.
  • Banque Centrale Populaire: $49.9bn.
  • BMCE Bank Group: $37.3bn.
  • Investec Bank: $29.9bn.

Elon Musk leads the list of world’s highest paid CEOs in 2021

Recall that reported that Tesla and SpaceX CEO Elon Musk has emerged as the world’s highest earning CEO in 2021.

The world’s richest person has been on the list for the fourth year. However, his pay package has been more from several share options, adding about $78 billion to his fortunes of $296 billion.

Daily Mail reported that the Tesla CEO’s pay is humongous, leaving the remaining 23 CEOs making half of what he makes, a combined total of $6.3 billion.


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