Growing Footprints. African banks are moving operations beyond their historical markets.
African Banks ave operated in key markets outside the continent mainly through representative offices. Today, a shift is taking place. The number of homegrown African banks becoming ambitious and opening operations in Western capitals is rising.
Zenith Bank, Vista Bank, and Banque Exterieure d’Algerie (BEA) have announced plans to venture into France. They join First National Bank – which has full operations in France and the UK – Access Bank, and GT Bank, which also have branches in the UK. Access Bank is expanding its reach into Hong Kong. In November last year, Access opened a branch targeting the Africa-Asia economic and trade corridor.
African lenders’ determination to push the boundaries is an emerging trend – and a no-brainer. First, global multinationals have been exiting the continent, with African banks taking over their businesses and assets. The result is growth in stature and financial muscle. A classic case is the French financial group Societe Generale, which sold its operations in most African markets to local banks.
Second, and most critical, African banks are realizing they do not need to use intermediaries through correspondent banking to offer financial solutions to global companies with interests in the continent, tap ballooning trade-finance opportunities, and serve a vast diaspora market remitting nearly $100 billion annually. Some feel it defies logic for them to depend on foreign banks to offer services such as foreign exchange, treasury, cash management, and payment offerings.
Zenith Bank, for instance, reckons that a largely unexploited market exists in France, Nigeria’s leading trade partner in sub-Saharan Africa, accounting for 20% of trade. “The Paris branch opening underpins the need to serve our customers and bolster trade and finance relationships,” says Dame (Dr.) Adaora Umeoji, Zenith Bank CEO.
Undoubtedly, the push by African lenders to battle for a position in the global financial market is bold. Despite demonstrating courageous tenacity, the approach remains cautious.
First National Bank offers a case study into operating a full-fledged branch outside the continent. Though the bank entered the UK four decades ago and Paris over two decades ago, it operates only two branches within the two markets.
For African lenders, the burdens of running a fully developed operation are real. Apart from overcoming obstacles to their entry, they must contend with a tougher regulatory environment. With hawkeyed regulators, the bar of scrutiny is way too high.
Apart from the regulatory regime, building trust and penetrating well-structured and conservative markets are the other challenges African lenders must contend with in Western capitals.
To address these challenges, the banks focus on niche markets targeting clientele with African connections. “This strategic expansion is a testament to our unwavering belief in Africa’s potential,” says Simon Tiemtore, Vista Group chairman.
Granted, an explosion of African lenders establishing operations outside the continent is highly unlikely. However, a growing number of banks daring to make the move indicates a maturing industry no longer afraid to venture into uncharted waters.
Global Finance’s 2025 awards for the best banks in Africa recognize the continent’s lenders’ growth, performance, and innovation. Acquiring assets of multinationals exiting Africa is one thing. Following them to their home markets to wage competition is the ultimate proof of unbridled audacity.
Regional Winner
Jeremy Awori, CEO, Ecobank
Best Bank in Africa | ECOBANK
Pan-African banking group Ecobank epitomizes the ambitions of African banks. The regional winner as Best Bank in Africa has yet to launch full operations outside the continent. However, it has footprints across key global markets. Ecobank holds a banking license and affiliate office in France, alongside representative offices in the UK, UAE, and China.
The bank’s global connections have been central to its performance. With total assets amounting to $26.5 billion, the bank posted $491 million in profits from October 1, 2023, to September 30, 2024, and a return on equity (ROE) of 32.9%. For the bank, Africa’s ultimate connector with a presence in 35 countries, its international network helps create linkages, particularly in trade intermediation. The Paris-based operation, for instance, facilitated letters of credit totaling $920.3 million.
“We are focused on delivering a wide range of trade-finance solutions and excellent trade services to our clients,” states Michael Larbie, group executive for Corporate and Investment Banking (CIB).
Ecobank’s trade-finance loan portfolio totaled $2.4 billion, and this is just one segment of the bank’s foundation. Its other cornerstone, CIB, and the fast-growing small and midsize enterprise (SME) segment have created a phenomenal trail of impacts across Africa. CIB, for instance, has extended loans amounting to $7.2 billion.
The bank has prioritized digitalization in its growth strategy. Besides efficiency, providing offerings and products through low-cost-to-serve platforms has been transformative. Omni Plus, the bank’s CIB internet-banking platform, exemplifies this. With about 40,000 corporate customers, the platform processed 24.4 trillion transactions totaling $50.7 billion for the year ending September 2024.
Country, Territory and District Winners
Algeria | BANQUE EXTERIEURE D’ALGERIE (BEA)
The winner in Algeria, Banque Exterieure d’Algerie (BEA), has unveiled intentions to pursue growth beyond Africa’s borders. The bank has secured approvals from the European Central Bank to establish operations in France.
Angola | BANCO ANGOLANO DE INVESTIMENTOS (BAI)
Banco Angolano de Investimentos (BAI), wins as Best Bank in Angola for the fifth consecutive year. To maintain market leadership, the bank overcame a challenging operating environment characterized by high inflation, foreign exchange pressures, and depreciating local currency. A conservative approach to risk management saw the bank post $164.3 million in net income and 22.3% in ROE.
Benin | BANK OF AFRICA
Bank of Africa (BOA) aspires to aid Africa’s development. For this reason, it continues to roll out its multi-year strategy, Vision 2030. It targets operations in over 25 countries. In these new markets, the bank intends to create value, lead in social and environmental responsibility, promote trade and investment, and serve Africans in the diaspora. Currently serving 6.6 million customers across 20 markets, BOA believes its goals are achievable.
Benin, where BOA scoops the title of Best Bank, embodies future plans. The bank doubled its share capital to $66.8 million and is advancing strategic partnerships to mobilize cheap funds to lend. It secured $16 million from the African Development Bank to finance businesses in the country.
Botswana | ABSA BANK
In Botswana, Absa Bank emerges as the winner. With over a million clients, $1.7 billion in assets, and $31.1 million in profits in 2024, Absa anchors its growth on sustainability and digital innovations. The bank remains a big champion of women’s empowerment.
Burkina Faso | CORIS BANK
In Burkina Faso, where Coris Bank wins the Best Bank award, uncertainty hovers over the banking industry. Junta chief Ibrahim Traoré has launched the nation’s first state-owned bank, Burkindlim, aiming for “economic and financial sovereignty.”
Amid these developments, Coris Bank is maintaining its steadfast focus. The bank raised $31.6 million in a private bond placement to accelerate its growth strategy. Having allocated $84 million to finance SMEs, the bank is also pursuing partnerships to secure cheap funds to onlend.
Cameroon | SOCIETE GENERALE
The future of Societe Generale Cameroun is in limbo. Its French parent group is exiting Africa, and the Cameroonian government and Coris Bank are interested in acquiring the 58.1% shareholding. Societe Generale is not being distracted. It’s focusing on service provision in a market it strongly dominates, with a 14.7% share in assets and 13.7% in loans.
Cape Verde | BANCO INTERATLANTICO
In Cape Verde, Banco Interatlantico lands the Best Bank award. Owned by Portugal’s Caixa Geral de Depositos Group, the bank marked its 25th anniversary in the market. After realizing $3.6 million in profits, the bank looks to the future with renewed vigor, riding on sustainability and on environmental, social, and governance issues.
Cote d’Ivoire | BRIDGE BANK GROUP
Bridge Bank Group tops the class in Côte d’Ivoire for the fifth year running. The bank has built a winning strategy around the micro, small, and midsize enterprise (MSME) market. The results are tangible, with the loan portfolio growing at an average annual rate of 20%. The target is to add over 2,000 new SME loans over the next three years.
DR Congo | TRUST MERCHANT BANK
Trust Merchant Bank (TMB) carries the Best Bank title in the Democratic Republic of the Congo, a market where operations are impacted by escalating conflict. With over 3 million customers, TMB is utilizing mobile teams and agency banking to serve the marginalized, displaced persons and those in conflict zones. Last year, net profits surged by 74.9% to $76.6 million from $43.8 million in 2023.
Djibouti | IIB EAST AFRICA
For iib East Africa, the winner in Djibouti, empowering SMEs is a sacred commitment. The bank has extended loans amounting to $31 million to SMEs, a segment in which it controls a 15% market share.
Egypt | CIB EGYPT
A leading private bank, CIB Egypt is the Best Bank in Egypt. The bank posted $293.2 million in profits and 46% ROE in the nine months to September 2024. CIB wants to sustain growth by being adaptive, resilient, and forward thinking.
Equatorial Guinea| BANGE
In Equatorial Guinea, where Banco Nacional de Guinea Ecuatorial (BANGE) earns the Best Bank award, failures in diversifying the economy away from oil dependence are hurting the banking sector. The bank has a strong command of the market, and its customer base is growing. However, it posted a 19% decline in profits to $7 million in 2023.
Ethiopia| AWASH BANK
Awash Bank is yet again the winner in Ethiopia, for the fourth time in a row. Last year, the bank added 2 million new customers, for a total of 14 million. Having realized $85 million in profits and a mere 1.2% NPL ratio, Awash is unleashing new digital platforms like AwashBirr Pro to drive growth.
Gambia| ECOBANK
Ecobank carries the day in Gambia, a high-potential market where, at 3%, the nonperforming loan (NPL) ratio is one of the lowest among Ecobank’s subsidiaries. The bank is pushing for broader market adoption by riding on digital platforms, among them the Omni Plus E-trade offering, whose transaction value stood at $5.4 million.
Ghana| ACCESS BANK
Access Bank, the award winner in Ghana, is tightening its market grip. Profits are surging exponentially, hitting $54.3 million in the third quarter of 2024 with 57% ROE. The bank is upbeat about sustained growth, based on new products and digitalization.
Guinea| VISTAGUI
VistaGui, which takes home the Best Bank in Guinea award, operates on the overriding principle that to build robust economies, Africa needs strong SMEs. This has seen the bank mobilize massive resources to onlend, including $50 million secured from the African Guarantee Fund.
Kenya| TDB
TDB wins in Kenya. The bank is well grounded in trade finance, which accounts for two-thirds of its loan portfolio. The bank, which has extended $5 billion in trade loans, is expanding its impact in green and sustainable finance.
Madagascar| BRED MADAGASIKARA
BRED Madagasikara, the winner in Madagascar, is entering a well-established market, having acquired the operations of Societe Generale. With nearly 300,000 customers and 70 branches, the bank has appointed Thierry Charras-Gillot as the new CEO to oversee a sustainable growth trajectory and consolidate the financing of the local economy.
Malawi| STANDARD BANK
For the fourth straight year, Standard Bank has won the title in Malawi. The bank continues to be a pacesetter in digitalization and innovations. Last year, the volume of digital transactions rose by 24%, and profits hit $24.4 million in the first half.
Mali| BANQUE INTERNATIONALE POUR LE MALI
In Mali, Banque Internationale pour le Mali takes the title. Although political instability continues to impact operations adversely, this subsidiary of Morocco’s Attijariwafa remains unwavering in its commitment to its country. Parts of the bank’s strategy are anchored on climate finance and on supporting SMEs.
Mauritius| AFRASIA
AfrAsia Bank is the winner in Mauritius. In November last year, the bank changed ownership, with Access Bank UK taking over majority control. Having posted $152.4 million in net profits, the bank has positioned itself as a key player in facilitating cross-regional investment flows between Asia and Africa.
Morocco| BANK OF AFRICA
BOA is also the winner in Morocco. In a viciously competitive market, the bank defied all odds to record a substantial 37% increase in earnings, with a net income of $960.2 million.
Mozambique| MILLENNIUM BIM
The Best Bank in Mozambique, Millennium bim, has seen operations impacted by unrest following a disputed presidential election. Despite the disruptions, the bank maintains a firm grip on the market, commanding a 23.3% market share for deposits and 17% for loans.
Namibia| FIRST NATIONAL BANK
For another year, First National Bank wins in Namibia. Having posted $81 million in profits and 27.9% in ROE in 2024, the bank’s dominance is undisputable, with an average 35% market share across assets, deposits, and loans. A severe drought is forcing the restructuring of agriculture loans.
Nigeria| ZENITH BANK
Zenith Bank wins in Nigeria. The bank raised $232.5 million in a hybrid rights issue and public offer to recapitalize in January. It has seen its profits surge by 67% to $864.4 million in 2024, from $517.6 million in 2023. Deposits rose by 45% to $14.3 billion, with an NPL ratio standing at 4.7%.
Rwanda| BANK OF KIGALI
Bank of Kigali, the Best Bank in Rwanda, remains unrivaled, having held the position for the fifth consecutive year. With $1.8 billion in assets, the bank is a major financier of the real economy, extending $185.3 million in loans to SMEs and $41.3 million to the agricultural sector.
Senegal| CBAO
CBAO takes home the award as the Best Bank in Senegal. A market force, this subsidiary of Morocco’s Attijariwafa boasts a balance sheet of $2.4 billion and over 450,000 customers. The bank appointed Rachid El Bouzidi last September to lead the next growth phase.
Sierra Leone| UBA
UBA is the winner again in Sierra Leone. The bank has been recording phenomenal growth in all parameters. Loans and deposits surged by 80% and 37.5%, respectively, in 2023. UBA remains committed to driving financial inclusion through innovative products and embracing digital transformation.
South Africa| NEDBANK
Nedbank is the Best Bank in South Africa. Despite operating in a fiercely competitive market, the bank’s financial performance was way ahead of its peers as of June 2024, with headline earnings increasing by 8% to $430.7 million. With a 17.3% market share for deposits and 16.5% for loans, Nedbank’s stock was the best performing in 2024, up 30%.
Sudan| BANK OF KHARTOUM
In Sudan, the prospects of peace remain evasive. The country’s winner, the Bank of Khartoum, continues to bear the consequences. While the war has paralyzed operations, a cyberattack left a trail of losses for the oldest continuously operating bank in the country, which boasts $2 billion in assets.
Tanzania| NMB BANK
NMB Bank wins in Tanzania. Digital transformation remains at the core of the bank’s growth. The bank posted $358.3 million in profits and commands a 22% market share in loans and deposits. Notably, 96% of its 8.6 million customers transact digitally.
Togo| ECOBANK
Besides winning the regional award for Africa, Ecobank is the winner in its home market of Togo, where profits rose to $23.2 million. In March, Estelle Komlan was appointed managing director of Ecobank Togo, becoming effective in April. Headhunted from close rival Orabank, Komlan has the task of shaping the bank’s future.
Tunisia| AMEN BANK
Amen Bank is Global Finance’s Best Bank in Tunisia. The bank has maintained steady growth, with customer deposits hitting $2.4 billion, loans reaching $2.2 billion, and operating income attaining $374.5 million despite operating in a tough environment.
Uganda| STANBIC BANK
In Uganda, Stanbic Bank tops the class. The government is taking a keen interest in its affairs due to the bank’s growing stature. The central bank vetoed the appointment of a non-Ugandan as CEO to replace Anne Juuko, leading to the appointment in December of Kenneth Mumba Kalifungwa. Last year, the bank recorded $112 million in profits.
Zambia| ZANACO
In Zambia, Zanaco is the king. The bank boasts a strong command across all business segments, with over 5 million customers. With $1.7 billion in assets and $82 million in profits, Zanaco is committed to financial inclusion and serving underbanked populations with a vast agency network of over 32,000 outlets.
Zimbabwe| CBZ BANK
CBZ Bank takes the crown in Zimbabwe. The bank has built a winning strategy based on innovations, low-cost products, and state-of-the-art technology. ZikiCash, targeting remittances, is a new addition. The bank controls 20% of assets market share and 21% of deposits.
