Central Africa is grouped with West Africa in the survey, since alone it would only contribute two banks with enough Tier 1 capital to rank in the top 100. BGFI Gabon is ranked at 33rd with $844m of Tier 1 capital, while Rawbank of the Democratic Republic of the Congo (DRC) is a new entrant at 88th with Tier 1 capital of $286m. Both regions have economic and monetary unions, including single currencies linked to the euro, and there are links between some of their financial institutions.
The two regions combined contribute 18 banks to the top ranking. Of these, 12 are Nigerian, while Côte d’Ivoire, DRC, Ghana, Gabon, Senegal and Togo each contribute one bank. The Tier 1 capital of all the banks in the region is down nearly 20%, and the Tier 1 capital of Nigeria’s banks down 23.5%, largely linked to the decline in the value of Nigeria’s naira compared to the dollar.
Despite this, Nigeria’s market is so dynamic that its banks continue to dominate the regional ranking. More recently, the Central Bank of Nigeria gave banks that are authorised to operate internationally a deadline of 31 March 2026 to hold capital of at least NGN 500bn ($318m) each. The call, which affects 20 Nigerian banks, came after a year of significant devaluations of the naira plus ten years of low growth and high inflation, and soaring interest rates. A strong effort to cut fuel subsidies and structurally reform the economy has led to a cost-of-living crisis for many as well as political unrest.
As a result of the CBN call, three of Nigeria’s top banks are raising over $550m on the Nigerian Exchange (NGX) and a fourth may come for another $182m in order to expand at home and abroad. They are quickly transforming their IT systems, customer experience and acquisitions.
FBN Holdings (First Bank of Nigeria) is first in the region and number 15 in the African Top Banks with $1.9bn of Tier 1 capital, down from $2.2bn in the 2023 survey.
Next comes Access Bank, a close contender with $1.9bn of Tier 1 capital and more than double the profit of FBN Holdings. Surprisingly, Zenith Bank, which in 2023 topped the regional rankings at $2.6bn, has seen its Tier 1 capital fall even further, to $1.8bn, and is down from first to third in the region.
In July 2024, Guaranty Trust Holding Company (GTCO) was raising 400 billion naira ($253m). It had a market capitalisation of 1.35 trillion naira ($825m) at mid-September and accounts for about 9% of stocks traded on the NGX. For regional expansion the bank targets growth in Côte d’Ivoire, Ghana and Kenya. It has launched three new businesses in the last two years, GT Fund Managers, GT Pension Managers and a fintech subsidiary, HabariPay.
Access Holdings Plc, parent of Nigeria’s biggest bank by assets, with a presence in 18 countries, targeted a capital raise of 351bn naira ($222m). It plans to upgrade infrastructure and open new branches in Nigeria, as well as to expand into new markets such as the USA and to open a trade office in Malta.