The best banks in Africa can be categorized based on their assets and customer services. In this article, I shall be showing you the top 10 richest banks in Africa for the year 2022. You will also get to see the worth of their assets and the countries each of the banks are located.
The Biggest Banks in Africa
Africa is made up of 54 countries, and there are a total of 763 commercial banks spread across these countries. Findings has revealed that South Africa and Tanzania have the highest number of commercial banks at 51, and 50 respectively. The number is followed by Kenya with a total of 42 commercial banks, followed by Egypt with 40, Ghana with 34, Uganda with 24, and then Nigeria with 22.
Africa have fewer number of commercial banks compared to other countries – Asia has at least 1,900 banks, Europe has about 6,000, and the United States of America alone has more than 4,000 banks. African banks also have lower valuations compared to banks on other continents of the world. Remember, we are still looking at the richest banks in Africa.
Not all banks in Africa have low valuations. As you will see as you read on, some African banks have total assets valued at $100 billion. The assets comprises of all the properties, cash, account receivables, and other valuable resources owned by corporations such as banks.
Before I go ahead to show you the list of top 10 richest banks in Africa, it is wise I mention that this information was sourced from Statista, a leading global provider of markets and consumer data.
Top 10 Richest Banks in Africa
Below are the top 10 richest banks in Africa by asset size. The list is dominated by South African and North African banks.
Standard Bank (Stanbank) Group
Standard Bank Group has an asset size of $172 billion. The South African bank is the richest bank in Africa.
National Bank of Egypt
The National Bank of Egypt total asset size is valued at $124.9 billion. This makes it hold the second spot in the list of richest banks in Africa.
This is another bank located in South Africa, and it has a total asset size of $87.8 billion.
FirstRand is the third South African bank in this list top 10 richest banks in Africa. The bank has a total asset of $81.9 billion.
This is another South African bank, and it has a total asset size of $78.6 billion.
This is a Moroccan bank, and it has a total asset size of $63.8 billion.
This is another Egyptian bank that made the list of top 10 richest banks in Africa. It has a total asset size of $57.9 billion.
This is another Moroccan bank, and it has an asset size of $49.9 billion.
BMEC Bank Group
This is another Moroccan bank that is one of the top richest banks in Africa. It has a total asset size of $37.3 billion.
Last on the list, we have the South Africa’s Investec Bank. It has a total asset size of $29.8 billion.
These are the top 10 richest banks in Africa, and as you can see they are mostly found in North Africa and South African countries. If you find this article informative enough, kindly use the social share button below to share it with your friends and family.