The 50 largest banks in Africa have a total asset size of about $900 billion, with a market capitalization of about $120 billion.
On this list of largest banks in Africa, South African and Moroccan banks rank the highest, in terms of market capitalization and asset size.
This is largely linked to the size of their exchanges, with the South African and Moroccan exchanges ranking as the first and third largest exchanges in Africa.
Despite holding the title of “Africa’s largest economy” for many years, Nigerian banks do not reflect this status in terms of market capitalization. None of the country’s banks rank among the top ten largest banks in Africa.
GTCO Holdings, the largest Nigerian bank, is in 15th place with a market capitalization of $826 million.
Publicly listed Nigerian banks have a total market capitalization of about $4.2 billion, translating to about 1.7% of the country’s GDP. This contrasts starkly with South Africa where the banks’ market capitalization corresponds to about 20% of GDP.
In a bid to strengthen these banks, the CBN released a minimum capital requirement, which sought banks with international banking license to shore up their paid-up capital to N500 billion (~$333 million) and those national banking licenses to N200 billion ($133 million).
Nairametrics has tracked some of the largest banks in Africa based on market cap, and here are the 20 largest in Africa.
Largest banks in Africa based on market cap
Co-operative Bank of Kenya (Kenya) – $581.6 million
Co-operative Bank of Kenya was formed in 1966 initially as a co-operative society, however, it received a banking license a few years later.
The bank is one of the most widely spread in Kenya and it owns subsidiaries in Uganda and South Sudan.
The bank is listed on the Nairobi Securities Exchange with a market capitalization of $581.6 million and an asset size of $5 billion.
Absa Bank Kenya (Kenya) – $582 million
A subsidiary of Absa Group in South Africa, Absa Bank Kenya was Barclays Bank Kenya until 2013. Founded in 1916, Absa Bank Kenya is listed on the Nairobi Securities Exchange with a market cap of $582 million.
The bank has an asset size of $3.91 billion and was formerly headed by Jeremy Awori, the present CEO of Ecobank Transnational.
CFG Bank (Morocco) – $601.5 million
CFG Bank is one of the leading investment banks in Morocco. Founded in 1992, the bank listed on the Casablanca Stock Exchange in December 2023, and as of July 2024 has a market capitalization of $601.5 million. The bank also has an asset size of about $5.1 billion.
Zenith Bank (Nigeria) – $726 million
Founded in 1990 by Jim Ovia, Zenith Bank has grown to become one of the largest and most profitable banks in Nigeria. The bank is listed on the Nigerian Exchange with a market capitalization of about $726 million. The bank has an asset size of about $22.7 billion.
KCB Group (Kenya) – $798 million
KCB Group Plc is the overseeing group over KCB Bank in Kenya and six other countries in Eastern Africa.
The bank previously held the National Bank of Kenya, which it has commenced the process of selling to Access Bank Plc.
The group is listed on the Nairobi Securities Exchange with a market cap of $798 million. It has an asset size of $16.5 billion.
GTCO Holdings (Nigeria) – $826 million
GTCO Holdings, the parent group of GT Bank Nigeria Limited, is the largest bank in Nigeria based on market capitalization. The bank has a market cap of $826 million, with an asset size of $10.8 billion.
BMCI (Morocco) – $850 million
BMCI (Moroccan Bank of Commerce and Industry) is the Moroccan subsidiary of the giant banking group, BNP Paribas. The bank is listed on the Casablanca Stock Exchange with a market cap of $850 million and an asset size of $7.63 billion.
CDM – Credit du Maroc (Morocco) – $972.9 million
It is a Moroccan commercial bank formerly owned by the French group, Credit Agricole. The bank is now owned by the Moroccan Holmarcom Group. CDM is listed on the Casablanca Stock Exchange with a market cap of $972.9 million as of July 2024 and a total asset size of $7 billion.
CIH Bank (Morocco) – $1.20 billion
Crédit immobilier et hôtelier (CIH) is a Moroccan banking group founded in 1920, with its services targeted towards the real estate and tourism sectors. The bank has a market capitalization of $1.2 billion as well as an asset size of $12.7 billion.
Equity Group Holdings (Kenya) – $1.23 billion
This is the largest bank in Kenya by market capitalization, with a market cap of $1.23 billion. The bank is one of the largest banking groups in Eastern Africa, with a total asset size of $6.39 billion.
Qatar National Bank AlAhli (Egypt) – $1.31 billion
Qatar National Bank AlAhli is the Egyptian subsidiary of the Qatar National Bank Group (QNB). QNB owns a 95% stake in QNB AlAhli, with the Egyptian bank boasting an asset size of about $12.8 billion and a market cap of $1.31 billion.
Bank of Africa (BMCE) Morocco – $4.13 billion
Bank of Africa is a Moroccan bank formerly known as Banque Marocaine du Commerce Extérieur (BMCE).
It is listed on the Casablanca Stock Exchange and is the most widely Moroccan bank, with over 1,800 branches across 32 African countries. It has an asset size of $40.2 billion and a market cap of $4.13 billion.
Commercial International Bank (Egypt) – $4.9 billion
Commercial International Bank is an Egyptian bank listed on the Egyptian Exchange.
The bank has a subsidiary in Kenya, with representative offices in Dubai, UAE and Addis Ababa, Ethiopia. It has a market cap of about $4.9 billion and an asset size of $17.3 billion.
Banque Centrale Populaire (Morocco) – $6.2 billion
Banque Centrale Populaire is a Moroccan bank listed on the Casablanca Stock Exchange.
The bank is one of the largest in Morocco with eight regional subsidiaries across Morocco. It holds an asset size of $51.5 billion, making it one of the largest banks on the continent.
Nedbank Group (South Africa) – $6.85 billion
Nedbank Group is a financial services group from South Africa, listed on the Johannesburg Stock Exchange.
The group traces its roots back to 1888, making it one of the oldest banks in the country. Its total assets as of FYE 2023 were $71.4 billion.
Absa Group (South Africa) – $7.62 billion
Absa Group Limited is listed on the JSE with a market cap of about $7.6 billion.
The group has subsidiaries in 12 African countries including Nigeria and Ghana. Up until 2018, Barclays Africa held majority stakes in Absa Group. The bank has an asset size of about $102 billion.
Attijariwafa Bank (Morocco) – $11.54 billion
Attijariwafa Bank is one of the most prominent banks in Morocco and is the largest bank in Morocco.
The bank was founded in 2004 through a merger of two Moroccan banks, Banque Commerciale du Maroc and Wafabank. Attijariwafa Bank presently has over 7,000 branches across the world, with over 20,000 employees.
The bank has an asset size of $66.7 billion.
Capitec Bank (South Africa) – $17.15 billion
Capitec Bank is the third largest bank in Africa in market capitalization.
The banking group which is listed on the Johannesburg Stock Exchange was founded in 2001 and is presently the largest retail-focused bank in South Africa. The bank has an asset size of about $11.3 billion.
Standard Bank Group (South Africa) – $19.16 billion
Standard Bank Group is the second oldest bank in South Africa as well as the second largest bank in the country by market capitalization.
The bank is the largest bank in Africa by asset size, with a total asset size of $107.1 billion.
The group boasts seven subsidiaries including Stanbic IBTC Holdings (Nigeria), Stanbic Holdings (Kenya), Standard Bank Malawi, Standard Bank Holdings Namibia, Stanbic Holdings (Uganda), Standard Bank of South Africa, and Liberty Holdings.
Firstrand Limited (South Africa) – $24.08 billion
Firstrand Limited is the largest banking group in Africa by market capitalization, with a market cap of $24.08 billion. First National Bank, the oldest bank in South Africa is the retail and commercial banking division of the group.
It also boasts subsidiaries such as FirstRand Namibia, FNB Botswana, FNB eSwatini, FNB Mozambique, Rand Merchant Bank Nigeria, FNB Zambia, and FNB Lesotho.