Zenith, Access, FBN, others secure spots on Africa’s top 100 banking institutions list

A total of 12 Nigerian banks, including Zenith Bank, Access  Bank, and FirstBank, have been recognised as some of the largest banks in Africa for the year 2023.

The African Business publication recently released its list of the 100 African Biggest Banks, which highlighted that South Africa, Egypt, Morocco, and Algeria continue to house the continent’s banking powerhouses.

Nevertheless, Zenith Bank, Access Bank, and First Bank emerged as the leading Nigerian banks on the list.

Other Nigerian banks that made the prestigious ranking include Guaranty Trust Bank, United Bank of Africa (UBA), Stanbic IBTC, First City Monument Bank (FCMB), Union Bank of Nigeria, Fidelity Bank, Sterling Bank, CitiBank (Nigeria), and Ecobank Nigeria.

The report said the top Nigerian bank is Zenith Bank, ranked 12th among the 100 African banks.

Zenith Bank’s ranking represents an improvement from the 14th position it held in 2022. Following closely is Access Bank, which secured the 13th position in 2023, marking progress from its 16th position in 2022. First Bank, the third-highest-ranked Nigerian bank, claimed 14th place, also improving from its 18th position in the previous year.

Guaranty Trust Bank came 21, United Bank of Africa (UBA) 22, Stanbic IBTC 33, First City Monument Bank (FCMB) 42, Ecobank 41, Union Bank of Nigeria 44, Fidelity Bank 45, Standard Chartered Bank Nigeria 52, Sterling Bank 78, CitiBank (Nigeria) 89

Africa’s Business reports further stated that the top African bank is Standard Chartered Bank in South Africa, retaining its position from last year. The National Bank of Egypt (Egypt), Banque Misr (Egypt), Nedbank (South Africa), and FirstRand (South Africa) complete the top five in that order.