Home to over 1.3 billion people, the African continent is home to almost 17% of the world’s total population. According to the United Nations, Africa is home to 54 countries. Each of them is unique and diverse, presenting their own cultural and economic differences. In terms of banking, the region as a whole has various unique players that cater to its large population.
The Fintech Times compiled the top ten largest banks in the African continent and ranked them (based on asset. Combined, our top ten list would be valued at over $600 billion USD. Interesting fact, only four countries in Africa as a whole are represented in the Top Ten list; in fact, one country alone holds five places on the list.
Here is the list of the Top 10 Largest Banks in Africa:
According to their various corporate websites in terms of company description, here are a brief synopsis of each of the top ten banks:
#10 – AFREXIMBANK (EGYPT) – Afreximbank, otherwise known as African Export-Import Bank, is a supranational financial institution headquartered in Cairo. With the vision to be the trade finance bank for Africa, the bank offers a range of financing programmes, solutions and advisory services to support African trade.
#9 – ZENITH BANK (NIGERIA) – Established in May 1990 as a commercial bank, Zenith became a public limited company in 2004 and was listed on the Nigerian Stock Exchange in the same year. The bank has over 500 branches and business offices and has subsidiaries across the continent, with plans to expand further to European and Asian markets.
#8 – INVESTEC (SOUTH AFRICA) – Investec was founded in South Africa in 1974 and entered the UK in 1992 focusing on the two principle markets. The bank employs over 8,700 people worldwide and offers private banking, corporate, wealth and investment and asset management.
#7 – GROUPE BANQUE POPULAIRE (MOROCCO) – Based in France, the Groupe Banque Populaire is a cooperative of banks founded in 1878. The bank is present in over 40 countries and finances over 20% of the French economy.
#6 – ATTIJARIWAFA (MOROCCO) – With over 10 million clients being served in 25 countries, Attijariwafa Bank is a leading player in the Moroccan and African financial sector. Founded in 1904, the banks motto is “Believe in you”, and plays an active role in Morocco’s social development by supporting disadvantaged communities.
#5 – NEDBANK GROUP (SOUTH AFRICA) – Nedbank Group focuses its market on South Africa, with 692 outlets and continuing to expand to the rest of the continent. They offer a range of wholesale and retail banking services, as well as growing insurance and wealth and asset management services.
#4 – NATIONAL BANK OF EGYPT (EGYPT) – Founded in 1898, National Bank of Egypt is the oldest commercial bank in Egypt. Throughout its history, NBE has continually developed to keep up with the different political and economic stages in Egypt, assuming the central banks duties in the 50s. With 510 branches nationwide serving 14 million customers, the bank also has an international presence.
#3 – FIRSTRAND BANK (SOUTH AFRICA) – Operating in South Africa, UK and India, FirstRand bank is one of the largest financial institutions in Africa. With a track record of superior returns to shareholders, the bank provides a universal set of transactional, investment, lending and insurance services and products.
#2 – ABSA GROUP (SOUTH AFRICA) – Absa Group has a presence in 12 countries across the continent and prides itself on being an African brand. With around 42,000 employees, the bank was founded in 1991 and was formerly Barclays Africa Group Ltd. They offer personal and business banking, credit cards, wealth and investment management as well as corporate services.
#1 – STANDARD BANK GROUP (SOUTH AFRICA) – Standard Bank group is a financial institution, offering banking and financial services to individuals, business, institutions and corporations both in Africa and internationally. With a strong customer focus, the bank’s direction is based on with customer and client experience as the landscape of the African economy changes.
This was in support by the editorial team at The FinTech Times that consisted of Polly Jean Harrison and Mark Walker.