The best banks in Africa are in South Africa, Nigeria, Kenya, Morocco, and Egypt.
Africa is a diverse continent with many countries and cultures. Some require more financial services than others, and some are more “bankable” than others. As a result, there are only a few best banks in Africa due to these differences.
Africa is an emerging continent with a lot of potentials. Its most recent growth comes from the rapid modernization of its banking system, which is crucial for sustained development. Below are the top 10 best banks found in Africa.
Listed here are the Top 10 Best Banks found in Africa.
The following list is a compilation of Africa’s top 10 best banks. The list relies on crucial aspects such as customer satisfaction, security, and transparency.
1. Standard Bank Group, South Africa
Standard Bank Group is one of Africa’s largest banking and financial services groups. It has a presence in seventeen African countries and operations in Europe, North America, Latin America, and Asia.
In addition to its banking activities, the group has considerable investments in Africa-based industries such as oil, retail, agribusiness, and real estate.
Founded in 1853, Standard Bank Group is one of the leading banks on the African continent. The group operates in Botswana, Lesotho, Namibia, and Swaziland.
The bank has a listing on Johannesburg Stock Exchange (JSE), lasting more than 52 years.
Location
5 Simmonds Street, Johannesburg, 2001, Gauteng, South Africa
Website
2. National Bank of Egypt (NBE)
The National Bank of Egypt (NBE) is one of the largest banks in Egypt. Its establishment took place on December 27, 1934.
NBE has its headquarters in Cairo, with branches and offices across the country. In 2016, it had a market share of 17% in the Egyptian banking sector.
The National Bank of Egypt (NBE) currently trades on the stock exchange at about $8.10. The company has a P/E ratio of 19, valued at $1.34 billion in its most recent financial disclosure.
National Bank of Egypt (NBE) total assets reached 4.2 trillion Egyptian pounds as of December 31, 2018. NBE’s total assets increased by 228 billion pounds in 2018, a 7% growth from the end of 2017.
Location
Head Office: NBE Tower, 1187 Corniche El Nile St., Boulak, Cairo, Egypt
Website
3. Absa Group Limited, South Africa
Absa Group Limited, or simply Absa, is a prominent South African banking and financial services conglomerate founded in 1868. It is one of the largest banks in the Southern Hemisphere, with subsidiaries across over 20 countries.
The group’s head office is in Johannesburg, South Africa. It has subsidiaries in Namibia, Botswana, Zimbabwe, and Mozambique.
Absa Group Limited is a leading financial services company in South Africa. It offers banking, insurance, and asset management products to individuals, small businesses, and large corporations.
Location
7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, 2001, P.O Box 7735, Johannesburg, 2000
Website
https://www.absa.africa/absaafrica/
4. Zenith Bank PLC, Nigeria
Zenith Bank PLC is one of the most successful Nigerian banks in existence. It was founded in 1985 and has grown to become one of the largest financial institutions in West Africa.
Zenith Bank PLC, Nigeria branch network operates an extensive network of over 240 branches, with another 37 outlets and more than 6,000 ATMs spread throughout Nigeria.
Zenith Bank has grown to become one of Africa’s most successful banks. In July 2017, the bank became the first Nigerian entity to be included on the FTSE Russell Africa Index.
In 1984, Zenith Bank Plc was the first bank in Nigeria to introduce Automated Teller Machine. The bank currently has a network of more than 100 branches and ATMs in major cities across Africa.
Locations
Head Office: Plot 84, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria
Website
5. Attijariwafa Bank Maroc, Morocco
Founded in 1966, Attijariwafa Bank is a bank founded by the Moroccan government. They offer various services for businesses and individuals, including loans, deposits, mortgages, and foreign exchange.
It’s a subsidiary of Attijariwafa Holding International, a banking and financial services organization headquartered in Casablanca.
Attijariwafa Bank is a leading bank in Morocco, operating in the retail banking, investment banking, treasury, and asset management sectors. It has over 850 branches in the country and abroad.
Attijariwafa Bank has assets worth more than $14 billion and a workforce of more than 2000 employees.
Location
Head Office: 2, Boulevard Moulay Youssef, 20 000 Casablanca, Maroc
Website
https://www.attijariwafabank.com/en/international-subsidiaries/attijariwafa-bank-Maroc
6. Access Bank PLC, Nigeria
Access Bank PLC is a Pan-African bank with a presence in 18 African countries and a growing footprint in the global markets.
Headquartered in Lagos, Nigeria, Access Bank has been Africa’s leading financial services provider for over 35 years, with over 16,500 workers and over 750 branches in 22 African countries.
Access Bank plc is one of Nigeria’s leading financial services providers. The bank offers a range of products and services to individual, corporate, government, and institutional clients.
The company operates through three segments: Commercial Banking, Retail Banking, and Treasury and Investments.
Founded in 1985, Access Bank PLC has grown to be one of the most recognizable banks in Africa. Access provides a wide range of banking and financial products and services, from credit cards to investment banking.
Location
Corporate Head Office Address: 14/15, Prince Alaba Abiodun, Oniru Road, Victoria Island, Lagos, Nigeria
Website
https://www.accessbankplc.com/
7. FirstRand Bank, South Africa
FirstRand Bank is a leading financial services provider in South Africa. It offers banking, insurance, and investments to individuals and commercial, SME, and corporate customers.
FirstRand Bank is a financial services company that operates in Africa. It was founded in 2006 and has since expanded its reach to over 11 countries, including South Africa, Kenya, Nigeria, Ghana, Zambia, and Zimbabwe. The bank has over 9 million customers with assets of R1 trillion.
FirstRand Bank’s total assets were R1.8 trillion at the end of 2017, and the net interest margin was 3.3%.
In line with global trends, the bank experienced a decline in asset quality. It saw slippages rise to R14.2 billion from R8.2 billion in 2016, while loan losses increased to R11.7 billion from R6 billion in 2016.
Location
4 Merchant Place, Corner Fredman Drive and Rivonia Road, Sandton
Website
8. Nedbank Group Limited, South Africa
Nedbank Group Limited is a financial services company in South Africa with headquarters in Johannesburg. It was founded in 1934 and employed about 17,000 people.
Nedbank Group Limited is a financial institution that offers banking, insurance, asset management, and other services to individuals and businesses in Southern Africa.
Founded in 1967, it is the largest financial services provider in South Africa, with 12 million customers. It operates in 16 countries across Africa and employs more than 18 000 people globally.
The bank is the largest in Africa by market capitalization and among the top 40 banks in the world by market value.
Nedbank operates in over ten countries, with subsidiaries or affiliates in Botswana, Mozambique, Namibia, Zambia, Kenya, Malawi, Rwanda, Tanzania, and Uganda.
Location
135 Rivonia Road, Sandown, 2196, Sandton, 135 Rivonia Road, Sandown
Website
https://personal.nedbank.co.za/
9. CRDB Bank Plc, in Tanzania
Commercial Development Bank Plc. in Tanzania is looking to revolutionize the banking industry. They offer their customers a wide range of products and services at competitive rates, including savings accounts, loans, insurance plans, and much more.
CRDB has been investing heavily in its IT infrastructure over the last few years, and they’re now aiming to be one of the first fully digitalized banks in East Africa.
CRDB Bank Plc, in Tanzania, is one of the many branches of CRDB Bank (Citizens Rural Development Bank Ltd.).
CRDB Group has grown from a small agricultural bank based in rural Tanzania to a diversified financial institution across East Africa.
CRDB Bank Plc, in Tanzania, has been operational since May 2011. The Company provides banking and related financial services to individuals, small and medium-sized enterprises (SMEs), and large corporations.
It offers a range of deposit products in the form of savings accounts and fixed-term deposits ranging from 1 month to 6 years.
Location
CRDB Bank Head Office, Ali Hassan Mwinyi Road P.O Box 268 Dar es Salaam, Tanzania
Website
10. Equity Bank Group, Kenya
Equity Bank Group is a financial service provider in Kenya. They are one of the country’s largest banking & financial services companies, with an extensive range of products and services.
Equity Bank Group, Kenya, is one of the leading financial services institutions in East and Central Africa, with a customer base of over nine million.
It offers various innovative products and services to individuals, SMEs, and large corporations.
It has a listing on the Nairobi Securities Exchange (NSE), Rwanda Stock Exchange, and Uganda Securities Exchange, with offshoots in Uganda, DR Congo, Rwanda, South Sudan, and Tanzania.
Equity bank Group is a financial services organization in Kenya with total assets of USD 2.8 billion and shareholders’ equity of USD 326 million.
Location
9th Floor, Equity Centre, Hospital Road, Upper Hil., P.O. Box 75104 – 00200, Nairobi, Kenya
Website
https://equitygroupholdings.com/ke/
Final Words
With the African continent’s banking sector being one of the fastest growing industries in the world, it is essential to know which of the best African banks are. The purpose of this article is to provide a summary of the top 10 best banks in Africa.
