A new ranking of Africa’s top banks by Tier-1 capital for 2024 has spotlighted a clear hierarchy, with South African, Egyptian, and Moroccan banks leading the charge, while Nigerian banks strive to retain their footing amid currency pressures.
According to a new report by Proshare title ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant—The Class of 2025,’ Standard Bank Group led African banks with the most tier-1 capital of $13 million, followed by National Bank of Egypt with $7 million and Attijariwafa Bank of Morocco with $6 million in 2024.
Despite the dominance of North and Southern African banks, four Nigerian banks—FBN Holdings (First Bank of Nigeria), Access Bank, Zenith Bank, and United Bank for Africa (UBA)—also made the list, each with Tier‑1 capital of $2 billion. However, their rankings have been impacted by exchange rate volatility.
“Tier-1 capital across African banks generally declined, primarily due to currency fluctuations that have weakened the dollar-equivalent value of capital,” the report stated.
It added that Nigeria’s rankings also dropped despite ongoing capital-raising initiatives led by the Central Bank of Nigeria. This may be attributed to recent currency devaluations.
South African and Egyptian banks each secured five spots among Africa’s largest banks by Tier‑1 capital, reflecting their resilience and ability to adapt to shifting market conditions, the report said.
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Standard Bank Group – $13mn
Standard Bank Group Limited is Africa’s largest bank by assets and Tier‑1 capital.
Headquartered in Johannesburg, South Africa, it operates in over 20 sub-Saharan African countries, along with global centres and offshore hubs, totalling operations in 26 countries.
National Bank of Egypt – $7mn
Standard Bank Group Limited is Africa’s largest bank by assets and Tier 1 capital. Headquartered in Johannesburg, South Africa, it operates in over 20 sub-Saharan African countries, along with global centers and offshore hubs, totaling operations in 26 countries.
Attijariwafa Bank – $6mn
Attijariwafa Bank, headquartered in Morocco, is the leading banking group in the Maghreb and WAEMU (West African Economic and Monetary Union) and a key player in CEMAC (Central African Economic and Monetary Community).
Beyond banking, it operates across insurance, real estate loans, consumer credit, leasing, asset management, and financial advisory services. The Group is present in 27 countries across Africa and Europe, with additional representative offices in key global cities including Dubai, London, and Beijing.
Absa Bank – $5mn
Absa Group Limited, headquartered in Johannesburg, South Africa, operates in 10 African countries and maintains representative offices in London, New York, Namibia, and Nigeria. It offers a wide array of retail, business, and investment banking services.
Banque Centrale Populaire – $5mn
BCP Group, also referred to as Crédit Populaire du Maroc of Morocco and popularly known under the brand Banque Populaire or Chaabi, is a major financial services group in Morocco, headquartered in Casablanca, founded on 25 May 1926.
As of 2024, BCP Group was Morocco’s second-largest banking group, behind market leader Attijariwafa Bank and ahead of Bank of Africa. It has had the largest deposit base in the country for many years. Like its two main Moroccan peers, it has also expanded significantly into sub-Saharan Africa.
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Banque Misr – $5mn
Banque Misr (Bank of Egypt) is an Egyptian bank co-founded by industrialist Joseph Aslan Cattaui Pasha, Joseph Cicurel, and economist Talaat Harb Pasha in 1920.
The bank has branch offices in all of Egypt’s governorates and currency exchange and work permit offices for foreign workers in Egypt.
FirstRand – $5mn
FirstRand Limited, also referred to as FirstRand Group, is the holding company of FirstRand Bank and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.
Listed on the JSE and the Namibian Stock Exchange, FirstRand Limited is one of the largest financial institutions in South Africa and provides banking, insurance, and investment products and services to retail, commercial, corporate, and public sector customers.
Nedbank – $5mn
Nedbank Group, founded in 1888 in Amsterdam, is a South African financial services provider offering retail and wholesale banking, insurance, asset, and wealth management. Headquartered in Sandton, its main market is South Africa, with operations across Eswatini, Lesotho, Mozambique, Namibia, and Zimbabwe, and offices in Ghana and Kenya. Internationally, Nedbank offers services in the UK, UAE, Isle of Man, Jersey, and Guernsey.
Banque Extérieure d’Algérie – $4mn
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