Stability over spectacle: African banks navigate a changing landscape in 2025
While North Africa leads in capital and representation, Eastern Africa is emerging as the continent’s most dynamic banking region
KAMPALA, October 14, 2025 — Africa’s banking sector has weathered another steady, if unspectacular, year, according to the African Business 2025 ranking of the continent’s Top 100 Banks. The latest data reveals a largely stable field, with the top three banks maintaining their positions, modest growth for many of the leading institutions, and a continued shift in regional banking power from south to north.
South Africa’s Standard Bank remains Africa’s banking giant by some distance, with Tier 1 capital rising to US$ 13.2 billion, up from US$ 12.5bln last year. It also posted the highest profit among all banks surveyed, at US$ 2.7bln, reaffirming its status not only as the continent’s biggest, but also its most profitable bank.
Trailing behind, though still formidable, is Egypt’s National Bank of Egypt in second place, with Tier 1 capital at US$ 7.3bln, slightly down from 2024’s US$ 7.5bln. Morocco’s Attijariwafa Bank retains its third-place ranking and continues to close the gap, with a capital increase to US$ 6.2bln and a 26.6 percent surge in net profits for 2024, reaching US$ 950 million.
Despite the strong performance at the top, the sector as a whole has not yet rebounded to pre-2023 levels. Total Tier 1 capital across the Top 100 sits at US$ 126bln, up from US$ 120bln in 2024 but still shy of the US$ 135.3bln recorded in 2022. The growth, while consistent, reflects broader economic headwinds and subdued investor confidence in key markets.
North Africa ascendant
One of the most significant long-term shifts evident in this year’s rankings is the steady rise of North African banks, particularly those from Morocco, Egypt, and Algeria. North Africa now accounts for 42 of the Top 100 entries, the most of any region, with Egypt contributing 17 and Morocco 9. In terms of total capital, North African banks dominate with US$ 57.9bln, comfortably ahead of other regions.
Algeria’s two largest banks, Banque Extérieure d’Algérie and Banque Nationale d’Algérie, now both feature in the Top 10, though they swapped places at #10 and #11. While Algeria’s GDP growth, averaging 3.8 percent annually since 2021, has provided some tailwinds, the country’s banks remain constrained by sluggish economic diversification and state-heavy control.
In contrast, Moroccan banks have demonstrated greater dynamism. Attijariwafa Bank, in particular, has expanded its footprint across 13 African markets and leveraged fintech partnerships, such as its alliance with Thunes, to enable near-instant remittance transfers for Moroccans abroad.
South Africa’s waning dominance
South Africa’s banking sector remains powerful, with four banks still in the Top 10, but the country’s historical dominance has eroded. A decade ago, Standard Bank, FirstRand, Absa, and Nedbank routinely filled the top four slots. Today, they face stiff competition from North African peers. South Africa’s sluggish economy continues to weigh on its banks’ capital growth—even if those banks generally outperform the broader economy.
Notably, FirstRand posted a healthy US$ 1.4bln profit, but overall, the capital growth of South African banks has been limited. Standard Bank’s US$ 13.2bln in capital represents only a modest increase from the US$ 10.3bln recorded back in 2013.
East Africa rising
While North Africa leads in capital and representation, Eastern Africa is emerging as the continent’s most dynamic banking region. The number of East African banks in the Top 100 has risen sharply from 13 in 2022 to 21 this year, led by Kenya, and Ethiopia, although Uganda and Tanzania have representatives. Although total Tier 1 capital remains the lowest of all regions at US$ 12.7bln, it marks a significant jump from last year’s US$ 10.5bln.
Ethiopia, in particular, is a country to watch. Following financial sector liberalisation, the number of Ethiopian banks in the rankings has grown from just two in 2022 to six in 2025. Awash International Bank leads the charge, climbing 18 places to #50 with Tier 1 capital of US$ 507mln, making it the biggest riser in this year’s survey.
Four Kenyan banks also ranked among the biggest movers, reinforcing the narrative of an East African banking sector on the ascent.
West and Central Africa lagging behind
By contrast, West and Central Africa remains underrepresented, with just 17 banks in the Top 100. Nigeria, despite being the continent’s most populous country, has only 10 entries. Its largest bank, Access Bank, ranks just 14th. The region’s total capital fell from US$ 15.6bln in 2024 to US$ 14.9bln, reflecting persistent economic instability, currency volatility, and limited diversification.
Francophone Africa’s representation remains notably weak, with just six entries—Rwanda’s Bank of Kigali being the only representative from the region to make it into the Top 100.
Banking the unbanked
Amid modest capital gains, African banks are sharpening their focus on digital transformation and financial inclusion. From expanding mobile banking platforms to serving micro, small and medium-sized enterprises [MSMEs], banks are betting that today’s low-margin customers will become tomorrow’s profit centres.
Development institutions are playing a crucial enabling role. In July 2025, the Arab Fund for Economic and Social Development committed US$ 50mln to National Bank of Egypt to support MSMEs. The move follows earlier partnerships, such as the US$ 400mln agreement between the African Development Bank [AfDB] and Standard Bank in late 2024 to scale up SME trade finance.
Development Banks are quiet giants
Though not ranked alongside commercial banks, development finance institutions remain central to the continent’s financial architecture. The African Development Bank, with US$ 15.6bln in Tier 1 capital, would top the commercial rankings if included. It is followed by Afreximbank [US$ 6.2bln] and the Arab Bank for Economic Development in Africa [US$ 5.6bln].
These institutions provide critical long-term funding, often attracting private sector co-investment in infrastructure, industry, and agriculture. They also support Micro, Small, and Medium-sized Enterprises [MSME] lending, helping to bridge the gap where commercial banks may still hesitate.
Steady, not spectacular
The Top 100 African Banks of 2025 reflect a financial sector that is stable, resilient, and gradually evolving. North African banks continue to rise, South African banks remain strong but less dominant, and East Africa is emerging as a new centre of growth. Yet challenges remain—capital levels have not returned to 2022 highs, and many regions, particularly West and Central Africa, lag behind.
Digitalisation, cross-border expansion, and support for small businesses are defining the next phase of banking on the continent. While the numbers may not yet tell a story of spectacular growth, they do point towards a more competitive and inclusive financial future.
Source: African Business
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