Banking - Intelpoint

Key takeaways:

Ecobank Transnational Incorporated ranks first with total assets of ₦43.3 trillion, marking a 67% increase from 2023.
Access Holdings Plc ranked the second-largest bank in 2024, as against the first in 2023.
The combined assets of the top five banks amount to ₦171.6 trillion, a 55% increase from 2023.
These five institutions represent the largest players in Nigeria’s banking sector by total assets as of 2023 and 2024.
The increase in total assets of the top ten banks ranges from 34% to 67% year on year.
The assets of the top ten listed public banks rose by 54% in 2024.

Key takeaways:

Africa's ten most profitable banking institutions are concentrated in South Africa, Egypt, and Nigeria.
South African and Egyptian banks claim the first five positions among Africa's most profitable banks.
Nigeria's banking sector shows resilience, with three of its "FUGAZ" banks securing positions in the continental top ten.
The average profit after tax among Africa's top ten profitable banks reached $867 million.
The four most profitable banks in Africa each exceeded $1 billion in profit after tax.

Sterling Bank's origins trace back to 1960 as Nigeria Acceptances Limited, later becoming the first merchant bank in 1969
In 2006, NAL Bank merged with four other banks, forming Sterling Bank as it is known today
Sterling explored several merger opportunities, including with Ecobank in 2008 and FirstRand in 2011, but these plans did not materialise
In 2023, Sterling transitioned into a holding company structure, spinning off its alternative finance arm as a standalone entity, AltBank
The bank began raising fresh capital in 2024, with shareholders approving a ₦200 billion equity capital raise and securing a $50 million private placement as part of its recapitalisation

FirstBank has undergone multiple transformations since its establishment in 1894, adapting to industry shifts and regulatory changes.
The bank transitioned from foreign ownership to local incorporation in 1969, aligning with Nigeria’s indigenisation policy.
Structural and branding changes continued, including its rebranding to First Bank of Nigeria in 1979 and restructuring into a holding company in 2012.
Recent developments include FBN Holdings’ name change to FirstHoldCo and the bank’s planned relocation of its headquarters to Eko Atlantic City in 2025.

Key takeaways:

Polaris Bank traces its roots back to the establishment of Prudent Bank Plc in 1989.
Prudent Merchant Bank Limited merged with Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc to create Skye Bank Plc.
In 2014, Skye Bank Plc acquired Mainstreet Bank Limited.
The Central Bank of Nigeria revoked Skye Bank's operating license in 2018, and Polaris Bank Limited subsequently took over its assets and liabilities.

Key takeaways:

In 2015, Wema Bank transitioned from being a regional bank to achieving national bank status.
To promote innovation and cooperation within the tech community, Wema Bank organised its inaugural hackathon, "Hackaholics", in 2019.
The bank has continually prioritised innovation, particularly with the introduction of ALAT, Nigeria's pioneer fully digital banking service.
Wema Bank holds the distinction of being Nigeria's oldest indigenous bank still in operation.

FirstBank and Union Bank have operated in Nigeria for over a century, making them the longest-surviving commercial banks
Three of Nigeria’s largest banks today, GTBank, Zenith Bank, and Access Bank, were founded in the late 20th century
Citibank is the oldest foreign bank in Nigeria
Only five banks have existed in Nigeria for over fifty years

Nigeria’s first ATM was deployed in 1990 by Société Générale Bank, marking the start of a new era in banking.
Interswitch kicked off interbank transactions in 2003, allowing Nigerians to use ATMs provided by other banks asides their own.
The CBN has implemented several policies to regulate ATM deployment, fees, and usage.
ATM fees have fluctuated over the years, with a major reduction in 2020 and an increase in 2025.

Nigeria's Central Bank has adjusted the minimum capital requirement for commercial banks three times in two decades.
The newest capital requirements will see an over 300% increase in capital requirement across all commercial banking licences.
Banks with international licences will see the biggest jump in capital requirement, needing 900% more capital under the new rules.
Banks have undertaken rights issuance, public offers and private placements to meet the 2026 deadline.

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