Guaranty Trust, Zenith, United Bank for Africa (UBA) top Africa’s 2025 finance ranking, reflecting Nigeria’s strong banking growth and investor confidence.
Nigeria has reinforced its position as a powerhouse in Africa’s banking sector, with Guaranty Trust Bank (GTB), Zenith Bank, and United Bank for Africa (UBA) among the top five institutions on The Africa Report’s 2025 ranking of the Top 300 Finance Champions.
The ranking evaluates Africa’s largest banking groups based on profitability, solvency, liquidity, credit quality, and total assets. GTB retained the top spot for the second consecutive year, followed by Zenith Bank at third and UBA at fifth. Access Bank (#9) and First Bank of Nigeria (#12) also made the top ten, giving Nigeria four banks in the continent’s elite tier—more than any other African nation.
GTB’s performance has been bolstered by a recent capital injection of ₦365.9 billion ($253.8 million) into its banking arm, raising its share capital to over ₦504 billion ($349.7 billion) and meeting the Central Bank of Nigeria’s new ₦500 billion ($346.9million) minimum capital requirement. The group also became the first West African financial institution to list on the London Stock Exchange’s secondary market, attracting international investors and supporting its continental expansion.
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Analysts attribute Nigeria’s banking dominance to favorable domestic conditions. High policy rates—27.5 percent since February 2025—have widened net interest margins, while strong deposit bases averaging 10–11 percent provided cheap, scalable funding. “The tight monetary stance, improved financial inclusion, and rapid adoption of digital channels have underpinned stronger balance sheets, higher profitability, and improved investor sentiment,” said Damilare Asimiyu, macroeconomic strategist at Afrinvest.
Zenith Bank Executive Director Henry Oroh emphasized prudence amid expansion. “We don’t want to make money at all costs. We’d rather lose the money, lose the business, than lose our capital,” he said.
Elsewhere on the continent, Kenya’s top banks—Kenya Commercial Bank (KCB) and Equity Group—remained in the top 20 but faced headwinds from high non-performing loans and slower economic growth. South Africa’s “Big Four”—Standard Bank, FirstRand, Nedbank, and Absa—remain strong in governance but have lost relative ground due to sluggish economic growth and high unemployment.
Egyptian banks, including Commercial International Bank (#2), National Bank of Egypt (#4), and Banque Misr (#6), benefited from structural reforms and foreign capital inflows, while Morocco’s Attijariwafa Bank (#19), BMCE Bank of Africa (#24), and Banque Centrale Populaire (#25) maintained stable positions.
Francophone West and Central African banks faced stricter capital regulations, and Ecobank (#11) navigates a leadership transition following a major shareholder change.
The ranking underscores Nigeria’s dominant position in African finance, reflecting both strong macroeconomic conditions and effective regulatory frameworks supporting the sector’s growth.
