Largest banks in Africa 2023, by assets
South Africa's Standard Bank Group was the largest bank in Africa as of 2024, with total assets worth nearly 170 billion U.S. dollars. Operating in 20 countries on the continent, the bank group also led the African banking sector by tier 1 capital. Ranking as the second-biggest bank in Africa, the National Bank of Egypt accumulated an asset value of around 167 billion U.S. dollars in 2021. Overall, South Africa concentrated four out of the top 10 institutions with the largest assets in Africa.
Main banking markets
As of 2021, the total assets of the banking sector in Sub-Saharan Africa corresponded to 76.9 percent of the region's GDP. The ratio, which offers an insight into the relationship between services provided by banks and the economy' size, increased substantially compared to previous years. Among countries, South Africa dominates the African banking industry with financial assets worth around 420 billion U.S. dollars in 2021. Additionally, the aggregate tier 1 capital of major South African banks reached roughly 42.3 billion U.S. dollars in 2022. North African nations, such as Egypt and Morocco, follow as main players in Africa’s banking sector.
Financial inclusion has improved in Africa
Around five out of 10 Africans had a bank account in 2023, according to Statista forecasts. The banking penetration rate on the continent almost doubled compared to 2013 and might keep increasing in the coming years. By 2025, the share of people with a bank account is expected to reach 60 percent. Among financial institutions, the Standard Bank Group and the National Bank of Egypt counted the highest number of customers in Africa, each with around 14 million clients in 2020.
