These African banks tested the limits of organic growth and prospered in 2025, but constraints force a strategic shift.
Organic growth has been the mainstay of profitability for Africa’s top banks for years. Customer acquisition; deposits mobilization; increased lending, particularly to small and mid-sized enterprises (SMEs); and investments in emerging sectors like green finance and digital transformation are among the strategies that have helped banks remain profitable.
While organic growth remains central, it is limited in delivering long-term scale. This reality is compounded by shrinking domestic markets owing to macroeconomic upheavals and intense competition, particularly in leading economies.
South Africa is the poster child. For Africa’s largest economy, the banking industry is feeling the impacts of depressed economic growth that has averaged 0.7% over the past decade. Lending to SMEs is a major indication, having been on a decline and standing at 12% of total loans in 2025. Similarly, return on equity (ROE) has remained below 20% while nonperforming loans (NPLs) remain elevated, averaging 4.7% in recent months.
The fact that banks cannot rely on organic growth for long-term scale is forcing Africa’s tier-1 banks to rethink strategy. Cross-border M&As are becoming a shrewd plan for growth, with East Africa and Central Africa proven especially attractive.
“East Africa … remained a standout performer, offering fast-expanding consumer markets, infrastructure-investment opportunities and growing cross-border economic integration,” says audit firm PwC in a recent analysis.
Besides its political stability and being the home of some of the fastest-growing economies, the region’s appeal is also underpinned by its strategic location as a trade corridor linking Africa with the Middle East and Asia.
South Africa’s Nedbank and Nigeria’s Zenith Bank have become the latest banks to join a flurry of lenders pursuing expansion, joining the likes of Access Bank, United Bank for Africa, and Guaranty Trust Bank. Nedbank is paying $855.5 million to acquire a 66% stake in Kenya’s NCBA Group.
Zenith Bank, for its part, wants to become a pan-African financial institution. In December last year, Zenith launched operations in Côte d’Ivoire, the bank’s first-ever venture into Francophone Africa, which will serve as a springboard to the wider region. The bank also has its gaze fixed on East Africa, where it is in the process of entering through acquisition.
Kenya, which is forcing consolidation after increasing minimum core-capital requirements by 2029 from $7.7 million to $77 million, is not the only priced-growth market. Ethiopia, which has opened its banking sector to foreign investments, and the Democratic Republic of Congo, which is diversifying its economy beyond mining, are attracting unprecedented interest.
Kenyan banks with regional operations epitomize the success of diversification, with subsidiaries forming the bedrock of profitability. For KCB Bank, subsidiaries contributed 30.7% of the bank’s pretax profits, which stood at $527 million in 2025. Nairobi-based Equity Bank saw regional operations account for nearly half of its $582.6 million profits during the year.
“Our regional subsidiaries now contribute approximately half of our banking profitability, demonstrating the value of our pan-African presence and the resilience that diversification provides,” says James Mwangi, Equity Group CEO.
Going by the 2025 financial performance of Africa’s top banks, they are swimming in an ocean of unprecedented growth in profits. Unless the Middle East conflict triggers a tsunami, projections indicate the trend will continue in the immediate future as interest rates decline, inflation stabilizes, and currencies hit equilibrium.
Global Finance’s 2026 awards for the best banks in Africa puts the spotlight on resilience and prospects for future growth. Faced with increased regulatory pressures and operating in uncertain environments, banks’ ability to see and tap opportunities beyond their home markets will be a key differentiating factor.
Africa
Ecobank
Ecobank, from an early stage, had the insight to anchor its growth strategy on pan-Africanism. Founded four decades ago, the bank has its base in tiny Togo, whose GDP is estimated at $44 billion by World Economics. However, the bank’s presence in 34 countries serving 32 million customers accords it a formidable base for long-term profitability.
For the bank, building a resilient business model capable of capturing opportunities in markets with diverse economic conditions is the cornerstone of success. In 2025, Ecobank saw its net profits surge by 29% to $689.3 million, from $534 million in 2024. Total assets increased by 14% to hit $35.8 billion.
To sustain profitability, Ecobank is riding on market segmentation based on regional strengths. Currently, Francophone and Anglophone West Africa are mature markets and provide the bulk of the bank’s profits. Central, Eastern, and Southern Africa and Nigeria are taking off and are expected to headline growth going into the future.
“We are a bank that has spent four decades building the financial infrastructure Africa needs to trade, grow, and compete,” says Jeremy Awori, Ecobank Group CEO.
Owing to the bank’s pan-Africanist mantra, the infrastructure is widespread and interconnected. Ecobank is a founding clearing bank for the Pan-African Payment and Settlement System in order to facilitate real-time, cross-border payments in local currencies, directly aligning with the goals of the African Continental Free Trade Area.
Other integrated platforms include eTrade and Eximbills to support trade, cash management, and treasury operations for businesses in the continent.
Algeria
Banque Nationale d’Algerie (BNA)
The Best Bank in Algeria, Banque Nationale d’Algerie (BNA) has focused on the huge diaspora market. With 7 million Algerians living abroad, BNA has launched a range of Islamic products to propel its dominance in a market that boasts 2.8 million customers and $388.5 million in profits.
Angola
Banco Angolano de Investimentos (BAI)
Our winner in Angola, Banco Angolano de Investimentos (BAI) remains pivotal to the country’s economy. The bank posted a 66% increase in loans to $1.2 billion, with a huge chunk directed to non-oil sectors. With $5.4 billion in assets, BAI posted $250 million in profits and a 38.1% ROE.
Benin
International Bank for Industry and Commerce
The International Bank for Industry and Commerce (BIIC) wins in Benin. With 25% market share in assets and $54.2 million in profits, BIIC is enhancing governance after the state reduced its shareholding by selling 33% of its stake through an initial public offer.
Botswana
First National Bank
First National Bank emerges as the winner in Botswana. The bank’s market dominance is absolute. In retail and commercial banking segments, for instance, First National controls 36% and 23% of the total business, respectively. The bank posted $144.6 million in profits and a 33.5% ROE.
Burkina Faso
United Bank for Africa
In Burkina Faso, UBA (United Bank for Africa) scoops up the title. Amid rising security risks, the bank is strategically positioning itself as a partner in helping the government meet growing financing needs. In 2025, UBA invested $90 million in government securities and extended $26.9 million in new loans to the state.
Cameroon
Societe Generale Cameroun
Societe Generale Cameroun is Global Finance’s Best Bank in Cameroon. Now under state control after the government acquired a 58.1% stake from the French group, raising the state’s shareholding to 83.7%, the bank maintains leadership in financing infrastructure projects and key sectors like mining and agriculture. With a network of 50 branches, it posted $53.6 million in profits.
Cape Verde
iib West Africa
The Best Bank in Cape Verde, iib West Africa is pursuing growth through a scalable and resilient business model. Boasting $476.5 million in assets, the bank recorded a 96% increase in deposits to $292 million, a reflection of deepening customer trust, successful retail and corporate acquisition strategies, and enhanced product competitiveness.
Cote d’Ivoire
Ecobank
Ecobank wins in Côte d’Ivoire. The bank, which posted $83.4 million in profits, is putting financial inclusion at the heart of its strategy. Last year it raised over 11 billion CFA francs ($18.2 million) through West Africa’s first gender bond to fund women entrepreneurs and gender-focused SMEs.
DR Congo
Rawbank
Rawbank comes out on top in the Democratic Republic of Congo. A powerhouse in the retail and SME segments, Rawbank commands 30% and 23% market share for deposits and loans, respectively. The bank is pursuing aggressive growth through RAW 2030, a strategic road map anchored on the motto “reinforce, accelerate, and win.”
Djibouti
Banque pour le Commerce et l’Industrie – Mer Rouge
BCIMR (Banque pour le Commerce et l’Industrie – Mer Rouge), is the award winner in Djibouti, having a strong grip on the market with a 45% share. A subsidiary of BRED Banque Populaire of France, the bank is eyeing expansion to Ethiopia in its hunt for growth.
Egypt
CIB Egypt
Our winner in Egypt, CIB Egypt is recording stellar growth. In 2025, the bank added about 400,000 new clients and issued over 180,000 new cards. Having posted $1.7 billion in net income and a 48.3% ROE, the bank is in the process of establishing a digital bank subsidiary targeting 10 million clients.
Equatorial Guinea
Banco Nacional de Guinea Ecuatorial (BANGE)
The Best Bank in Equatorial Guinea, Banco Nacional de Guinea Ecuatorial (BANGE) continues to cement its dominance through its “Bank for All” strategy. Commanding a 48% loan-market share and $8 million in profits, the bank is building partnerships to increase lending to micro, small, and midsize enterprises (MSMEs).
Ethiopia
Awash Bank
For the fifth time in a row, Awash Bank takes the award in Ethiopia. Having sustained growth with $140 million in profits and a 57.3% ROE, the bank is eyeing opportunities in the country’s nascent capital-markets industry with Awash Capital.
Gambia
Ecobank
In the Gambia, Ecobank earns the Best Bank award. The bank’s strategy is anchored on unrivaled digital platforms. Omni Plus, for instance, processed transactions totaling $1.1 billion in the year through September 2025, up from $82.8 million for the same period in 2024.
Ghana
Access Bank
Access Bank carries the day in Ghana. In September last year, Pearl Nkrumah was appointed the bank’s first female managing director. Her tasks include deepening the bank’s retail- and digital-banking franchise while increasing lending to critical sectors like the cocoa value chain.
Guinea
Ecobank
Ecobank is the award winner in Guinea. The bank is recording phenomenal growth across all parameters. In the year through September 2025, the bank saw its loan book expand by 30.9% to $453.7 million while deposits increased by 57% to hit $1.9 billion. Assets surged by 50% to $2.1 billion.
Kenya
Co-operative Bank
Co-operative Bank tops the class in Kenya. The bank posted a 15.8% increase in profits to $310.3 million and is leveraging digital transformation to sustain growth. Currently, over 90% of transactions are carried out on alternative channels.
Madagascar
BRED Madagasikara
In Madagascar, BRED Madagasikara is the winner. Operating in a market prone to environmental and climate risks, the bank has positioned itself as a champion of sustainable finance, focusing on sectors like renewable energy.
Malawi
Standard Bank
Standard Bank is the winner in Malawi for the fifth year running. In 2025, the country faced economic headwinds including high inflation and depreciation of the local currency, the kwacha. Despite the tough environment, the bank saw its profits surge to $72.4 million, from $50 million in 2024.
Mauritius
SBM Bank
SBM Bank, which takes home the award as Best Bank in Mauritius, boasts a tight grip on the market through its digital-first approach. With a portfolio of 565,000 customers, the bank commands 21.1% and 20.7% market share across the corporate and retail segments, respectively.
Morocco
Attijariwafa
Attijariwafa is the winner in Morocco. A behemoth with $80 billion in assets and 12 million customers across 15 African markets, the bank is setting the pace in deploying artificial intelligence to augment banking in areas like SME ratings, anti-fraud measures, quality control, and risk management.
Mozambique
Millennium bim
In Mozambique, where Millennium bim lands the Best Bank award, banks are feeling the pressure of an economy that contracted by 0.5% in 2025 based on an analysis by Fitch. Millennium bim posted a decline in net income to $26.1 million in the period through June 2025, down from $50.4 million in the same period in 2024.
Namibia
FNB Namibia
FNB Namibia is our pick in Namibia. Despite recording a slight uptick in NPLs, the bank has strong control of the market. In the SME segment, FNB commands an estimated 40% of market share serving over 50,000 clients. A sustainability note enabled the bank to raise 500 million Namibian dollars ($27.3 million) to finance renewable energy, agriculture, and financial inclusion.
Nigeria
Zenith Bank
Zenith Bank, Global Finance’s Best Bank in Nigeria, is indisputably a powerhouse serving over 34 million customers and posting $770.1 million in profits after taxes in 2025. While the bank intends to sustain growth through pan-Africa expansion, it maintains leadership in digitalization, innovation, and technological investment.
Rwanda
Bank of Kigali
In Rwanda, Bank of Kigali comes out on top. Already a big financier of the agriculture sector with $65.8 million in loans, the bank wants the sector to account for 15% of its total loan book. With $1.8 billion in assets, the bank is diversifying into asset management and investment banking.
Senegal
CBAO
CBAO wins in Senegal. The bank is building partnerships to support MSMEs, the backbone of the economy. MSMEs compose nearly 90% of business entities, contribute 30% to GDP, and account for 60% of the workforce. The bank secured 5 billion CFA francs (over $8.7 million) from Proparco, a subsidiary of the French Development Agency, to on-lend to MSMEs.
Sierra Leone
Access Bank
The Best Bank in Sierra Leone is Access Bank. In a country where financial inclusion remains low, the bank is leveraging digital channels, technology, and partnerships with telcos to expand access to services through products like the Access More app, USSD Banking, and Primus+ internet banking.
South Africa
Standard Bank
Standard Bank takes home the award in South Africa. Last year, the bank posted $2.8 billion in headline earnings and a 19.3% ROE. The bank saw markets outside South Africa contribute 40% of the earnings and is setting the pace in sustainable-finance targeting to mobilize $26 billion by 2028.
Sudan
Omdurman National Bank
Sudan, where Omdurman National Bank is the winner, is sinking deeper into socioeconomic ruin due to war. The recapture of Khartoum by the Sudanese army in March of last year offered Omdurman a lifeline in operations. The bank has increased its capital base to $83.3 million and has since reopened 80% of its branches in the capital.
Tanzania
CRDB Bank
CRDB Bank, which wins in Tanzania, boasts a strong command of the market, controlling 28% market share for assets, 30% for loans, and 27% for deposits. The bank has opened a representative office in Dubai to unlock capital flows and strengthen trade corridors between East Africa, the Middle East, and Asia.
Togo
Ecobank
In Togo, Ecobank yet again emerges as the winner. Togo remains a critical market, being the home market for the bank, whose operations traverse Africa. The bank has managed to mobilize $944.3 million in deposits and extend $574 million in loans, with a key bias in lending to women-led businesses.
Tunisia
Amen Bank
Amen Bank retains the award in Tunisia. The bank is enhancing investments in digital transformation and is also making inroads in investment banking. Deals in 2025 included a $63.2 million syndicated loan for microfinance institution Enda Tamweel.
Uganda
Stanbic Bank
In Uganda, Stanbic Bank takes the winning spot. The bank’s profits increased by 20.4% to $156.3 million in 2025. Having rolled out its “WYF Growth Agenda,” the bank is targeting $278 million by 2028 in loans to women, youth, and farmers.
Zambia
Absa Bank
Absa Bank carries the Best Bank in Zambia title. The economy is on a rebound driven by increased copper production, renewed investor confidence, and a strengthening local currency. With $2.2 billion in assets, Absa is increasing lending to the real economy, focusing on sectors such as mining, renewable energy, and infrastructure.
Zimbabwe
CBZ Bank
Global Finance’s Best Bank in Zimbabwe is CBZ Bank. Commanding a market share of 20% for deposits and 17% for assets, the bank’s growth strategy is anchored on innovative, low-cost products and technology. CBZ’s disruptive technologies include the Ziki ecosystem, an e-commerce marketplace, and CBZ Paylink for merchants.
