Africa’s banking sector is becoming increasingly powerful, with some of the continent’s largest financial institutions now holding tens or even hundreds of billions of dollars in assets.

From South Africa and Egypt to Morocco, Nigeria, Algeria and Kenya, Africa’s biggest banks play a major role in financing businesses, governments, infrastructure projects and consumers across the continent.

But which banks are the biggest?

Based on the African Business Top 100 Banks ranking, here are the 20 largest banks in Africa by total assets, using the latest financial data available for each institution. The figures are converted into U.S. dollars to make comparisons between countries easier.

Africa’s Biggest Banks by Assets

Source: African Business Top 100 Banks. Asset figures represent the latest available financial results used in the ranking; reporting dates vary between institutions.

1. Standard Bank Group — South Africa

Assets: $174.3 billion

Standard Bank Group is Africa’s largest bank by assets in the African Business 2025 ranking.

Headquartered in South Africa, Standard Bank has built one of the continent’s largest financial networks, with operations across numerous African markets and international connections.

The bank reported assets of approximately $174.3 billion in the African Business ranking based on its December 2024 financial results.

Its latest financial performance also shows that the group has continued to expand. Standard Bank reported R3.6 trillion ($218 billion) in total assets for 2025, meaning its balance sheet has grown further since the figures used in the African Business ranking.

This makes Standard Bank one of the most important financial institutions not only in South Africa but across Africa.

2. National Bank of Egypt — Egypt

Assets: $169.3 billion

The National Bank of Egypt (NBE) ranks second among Africa’s biggest banks by assets.

With $169.3 billion in assets in the African Business 2025 dataset, NBE is also the largest Egyptian bank on the list.

The bank has a major role in Egypt’s financial system and supports individuals, businesses and large corporate clients.

NBE’s scale is particularly significant because Egypt has one of Africa’s largest economies and populations. Its extensive banking network also makes it an important player in financial inclusion and business financing.

African Business reported that NBE had $7.3 billion in Tier 1 capital in its 2025 ranking and recorded approximately $2.3 billion in profit.

3. FirstRand — South Africa

Assets: $93.9 billion

FirstRand is the third-largest African bank by assets in this ranking.

The South African financial services group operates through major brands including FNB, WesBank and RMB, providing retail, commercial, corporate and investment banking services.

FirstRand reported $93.9 billion in assets based on its June 2024 financial results used by African Business.

The group is also one of South Africa’s most valuable financial institutions and has built a strong presence across several African markets.

FirstRand official website

4. Absa Bank — South Africa

Assets: $88.9 billion

Absa Bank takes fourth place with approximately $88.9 billion in assets.

Absa is one of Africa’s best-known pan-African banking groups, with operations spanning several countries.

The group provides personal and business banking, corporate and investment banking, wealth management and insurance services.

African Business ranked Absa fifth overall by Tier 1 capital but fourth among the continent’s banks by assets in the dataset.

Absa describes itself as a leading pan-African financial institution with operations across markets including South Africa, Kenya, Ghana, Uganda, Zambia, Botswana, Mauritius, Seychelles, Tanzania and Mozambique.

5. Attijariwafa Bank — Morocco

Assets: $72.0 billion

Morocco’s Attijariwafa Bank is Africa’s fifth-largest bank by assets.

The bank had approximately $72 billion in assets according to the African Business 2025 ranking.

Attijariwafa has become one of the continent’s most internationally connected banking groups, with operations extending well beyond Morocco.

African Business reported that the bank operates in multiple African countries and recorded strong profit growth in 2024. Its net profit rose by 26.6% to about $950 million in the publication’s analysis.

The bank’s expansion across Africa has helped strengthen Morocco’s position as a major financial hub on the continent.

6. Nedbank — South Africa

Assets: $70.7 billion

Nedbank is another South African banking giant in Africa’s top tier.

The institution had approximately $70.7 billion in assets in the African Business dataset, placing it sixth among the continent’s largest banks by assets.

Nedbank has traditionally been one of South Africa’s major corporate and retail banks and has increasingly looked toward opportunities elsewhere in Africa.

In 2026, Nedbank announced plans to acquire a majority stake in Kenya’s NCBA, a move that could further expand its East African presence.

7. Banque Centrale Populaire — Morocco

Assets: $53.8 billion

Banque Centrale Populaire, commonly known as BCP, ranks seventh with approximately $53.8 billion in assets.

The Moroccan banking group has a substantial domestic presence and has also expanded its operations across Africa.

BCP is part of the growing group of Moroccan financial institutions that have established themselves as major players across the continent.

Its position demonstrates the increasing influence of Morocco’s banking sector in African finance.

8. Banque Misr — Egypt

Assets: $53.6 billion

Banque Misr is the second Egyptian institution in the top 10.

The bank recorded approximately $53.6 billion in assets in the African Business dataset.

Founded in 1920, Banque Misr has become one of Egypt’s largest financial institutions, offering retail, corporate and investment banking services.

The bank also recorded one of the highest profits among the continent’s largest banks in the African Business ranking, with approximately $2 billion in profit.

9. Banque Nationale d’Algérie — Algeria

Assets: $45.5 billion

Banque Nationale d’Algérie (BNA) is the largest Algerian bank in the ranking by assets.

The bank recorded approximately $45.5 billion in assets in the financial data used by African Business.

Algeria’s banking sector is dominated by large institutions with strong government links, reflecting the country’s historically state-led financial system.

BNA’s position in the top 10 highlights the significant size of Algeria’s banking market.

10. Bank of Africa – BMCE Group — Morocco

Assets: $42.0 billion

Bank of Africa – BMCE Group rounds out Africa’s top 10 largest banks by assets.

The Moroccan banking group reported approximately $42 billion in assets in the African Business 2025 ranking.

The institution has a broad African footprint and serves retail customers, businesses and institutional clients.

11. Investec Bank — South Africa

Assets: $37.0 billion

Investec Bank ranks 11th with approximately $37 billion in assets.

Unlike some of the mass-market banks higher on the list, Investec is particularly well known for private banking, wealth management, investment banking and specialist financial services.

Its South African roots and international operations give it a distinctive position within Africa’s financial sector.

12. Banque Extérieure d’Algérie — Algeria

Assets: $34.0 billion

Banque Extérieure d’Algérie (BEA) is another major Algerian institution.

With approximately $34 billion in assets, BEA ranks 12th among Africa’s largest banks by assets.

The bank’s size reflects Algeria’s relatively large state-controlled banking sector and the importance of oil and gas revenues to the country’s financial system.

13. Ecobank Transnational — Togo

Assets: $28.0 billion

Ecobank Transnational Incorporated (ETI) ranks 13th with approximately $28 billion in assets.

Unlike banks concentrated primarily in one country, Ecobank has built a distinctive pan-African model, operating across numerous African markets.

Its extensive geographical network makes it particularly important for cross-border trade, payments and financial services.

Ecobank’s 2025 results continued to show a large balance sheet, with its financial presentation reporting approximately $34.5 billion in total assets for 2025, higher than the figure used in the African Business ranking.

14. Access Bank — Nigeria

Assets: $26.4 billion

Access Bank is Nigeria’s highest-ranked bank in the top 20 by the African Business asset figures.

The bank had approximately $26.4 billion in assets in the dataset based on its December 2024 results.

Access Bank has pursued an aggressive expansion strategy across Africa and other international markets, making it one of Nigeria’s most internationally ambitious banking groups.

Its growth is also part of a broader trend of Nigerian banks attempting to build pan-African financial institutions.

15. Commercial Bank of Ethiopia

Assets: $24.9 billion

Commercial Bank of Ethiopia (CBE) is the largest Ethiopian institution in the top 20.

The bank recorded approximately $24.9 billion in assets based on its June 2024 financial results.

Its appearance near the top of the ranking reflects Ethiopia’s enormous population and expanding financial sector.

The Ethiopian banking industry is also undergoing significant changes as the country opens its financial sector to greater competition and international participation.

16. Crédit Populaire d’Algérie

Assets: $24.8 billion

Crédit Populaire d’Algérie (CPA) ranks 16th, with approximately $24.8 billion in assets.

The Algerian bank is another example of the strength of North Africa’s financial institutions.

Algeria had several banks among Africa’s largest institutions, demonstrating the substantial scale of its banking sector.

17. Commercial International Bank — Egypt

Assets: $23.9 billion

Commercial International Bank (CIB) is one of Egypt’s largest private-sector banks.

The bank recorded approximately $23.9 billion in assets in the African Business ranking.

CIB also stood out for profitability, reporting approximately $1.1 billion in profit in the ranking’s data.

Its return on equity was particularly strong, at 57%, according to African Business’ table.

18. United Bank for Africa — Nigeria

Assets: $19.6 billion

United Bank for Africa (UBA) ranks 18th among Africa’s biggest banks by assets.

The Nigerian banking group recorded approximately $19.6 billion in assets in the African Business dataset.

UBA has one of the continent’s most recognizable pan-African banking networks, serving customers across multiple African countries.

Its international footprint is particularly important for businesses involved in African trade and cross-border payments.

19. Zenith Bank — Nigeria

Assets: $19.4 billion

Zenith Bank is another Nigerian banking giant in the top 20.

With approximately $19.4 billion in assets, Zenith ranks just behind UBA.

The bank is one of Nigeria’s leading financial institutions and has built a strong reputation in corporate, commercial and retail banking.

Zenith also recorded approximately $668 million in profit in the African Business dataset.

20. Arab African International Bank — Egypt

Assets: $18.2 billion

Arab African International Bank (AAIB) completes the top 20.

The Egyptian bank had approximately $18.2 billion in assets in the data used for the 2025 ranking.

AAIB’s inclusion means Egypt has four institutions in Africa’s top 20 by assets: National Bank of Egypt, Banque Misr, Commercial International Bank and Arab African International Bank.

Which Country Has the Biggest Banks in Africa?

South Africa remains the dominant country when it comes to the size of individual banking institutions.

Standard Bank, FirstRand, Absa, Nedbank and Investec all appear in the top 20.

Together, these five South African institutions account for approximately $464.8 billion in assets using the figures in the African Business table.

However, North Africa has become increasingly influential.

Egypt, Morocco and Algeria collectively have several institutions among Africa’s largest banks. African Business reported that North African banks accounted for 42 of the 100 banks in its 2025 ranking, while East Africa had 21 and Southern Africa had 20.

Nigeria, despite having Africa’s largest population and one of its biggest economies, has fewer institutions near the top of the continental ranking.

South Africa vs Egypt: Africa’s Banking Powerhouses

South Africa and Egypt dominate the top of Africa’s banking industry.

South Africa has several enormous private-sector banking groups, including Standard Bank, FirstRand, Absa, Nedbank and Investec.

Egypt, meanwhile, has major institutions such as National Bank of Egypt, Banque Misr, CIB and Arab African International Bank.

The difference is partly structural.

South Africa has one of the continent’s most sophisticated financial markets, with large privately controlled banking groups and deep capital markets.

Egypt’s banking system, on the other hand, includes several very large institutions with significant state ownership or government links.

This makes both countries critical to Africa’s financial system.

Africa’s Banking Industry Is Becoming More Competitive

The ranking also shows that Africa’s banking landscape is no longer dominated exclusively by South African institutions.

North African banks have become increasingly prominent, particularly institutions from Egypt, Morocco and Algeria.

East Africa is also becoming an important growth market.

African Business reported that the number of East African banks appearing in its Top 100 increased from 13 in 2022 to 21 in 2025. Kenya led the region with 10 institutions.

Meanwhile, the expansion of fintech, mobile money and digital banks is creating competition for traditional financial institutions.

According to a 2026 McKinsey analysis reported by Reuters, African banking revenues reached approximately $107 billion in 2025, up from around $99 billion in 2024.

This suggests that Africa’s banking sector could become even more important as economies grow and financial services reach more consumers.

What Does “Largest Bank” Actually Mean?

It is important to distinguish between assets, market capitalization, revenue, profit and Tier 1 capital.

A bank can be the largest by assets without being the most profitable or the most valuable on the stock market.

For example, African Business uses Tier 1 capital as the primary measure for its overall Top 100 ranking because it is an important indicator of a bank’s financial strength. Assets are a separate measure of the size of the institution’s balance sheet.

For this article, however, the ranking is specifically based on total assets.

That means the question being answered is:

Which African banks have the largest balance sheets?

The Future of African Banking

Africa’s banking industry is entering a period of major transformation.

Traditional banks are competing with fintech companies, mobile-money providers and digital-only financial institutions.

At the same time, Africa’s expanding population, rising urbanisation, growing middle class and increasing internet penetration create enormous opportunities for financial institutions.

Africa Facts Zone’s report on Africa’s digital growth shows how quickly internet usage is expanding across major African markets, creating new opportunities for digital banking and financial technology.

The continent’s banking giants will increasingly compete not only on branch networks and balance-sheet size, but also on technology, digital payments, cross-border transactions and financial inclusion.

Related Articles

For more African economic and business rankings, read:

• Top 10 Richest African Countries by GDP, GDP Per Capita & GNI
• Nigeria and Egypt Projected to Be Among the World’s Top Economies
• Top 10 African Countries With the Largest Gold Reserves
• Top 10 African Countries With the Largest IMF Debt

Sources and Further Reading

• African Business — Africa’s Top 100 Banks 2025
• African Business — 2025 Banking Ranking Methodology and Full Table
• Standard Bank Financial Highlights
• Attijariwafa Bank Financial Information
• Absa Group Investor Relations
• Reuters — African Banks and the $107 Billion Revenue Milestone

Final Takeaway

Standard Bank Group currently stands out as Africa’s biggest bank by assets in the latest comprehensive African Business ranking, followed by National Bank of Egypt, FirstRand, Absa and Attijariwafa Bank.

The ranking also reveals a broader shift in Africa’s financial landscape. South Africa remains a banking powerhouse, but Egypt, Morocco and Algeria are producing increasingly large institutions, while Nigerian and East African banks continue to expand.

With digital banking, financial inclusion, cross-border expansion and economic growth accelerating across the continent, Africa’s biggest banks are likely to become even more important players in the global financial system.