Five of Africa's top ten most profitable banks in 2024 are South African

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.

South Africa's Absa Bank claimed the title of Africa's most profitable financial institution in 2024, generating an impressive $1.20 billion profit after tax. Egypt's banking sector demonstrated remarkable strength, with Banque Misr and Commercial International Bank (CIB) following closely at $1.19 billion and $1.09 billion, respectively.

While no Nigerian institutions made it to the top five, the country maintained a strong presence in the broader rankings, with Zenith Bank ($0.67 billion), GTCO ($0.66 billion), and United Bank for Africa ($0.50 billion) all securing positions among Africa's ten most profitable banks.

Source:

Banks’ financial results

Period:

2024
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Nigeria had about 135 bank accounts per 100 people in 2025, up from 32 bank accounts in 2017
  • Active bank accounts grew from 65 million in 2016 to over 320 million in 2025 — almost a fivefold increase.
  • Bank accounts per 100 people rose from about 32 in 2017 to nearly 135 in 2025.
  • Nigeria now averages more than one bank account per person.
  • The fastest growth phase occurred between 2019 and 2024.
  • Digital banking and fintech adoption played a major role in the surge.
  • The jump after 2020 suggests technology-driven access, not just population growth.
  • Multiple account ownership is now common among users.
Nigeria saw an increase of 2.9 million deployed POS in 2024, following the naira redesign in 2023
  • Deployed POS terminals grew from about 156,000 in 2017 to 8.4 million in 2025.
  • Nigeria added more than eight million terminals in eight years, indicating rapid adoption of digital payments.
  • Growth accelerated sharply after 2020, marking a major shift toward cashless transactions.
  • The highest year-on-year growth (116.8%) occurred in 2024, following the naira redesign.
  • About three million terminals were added in 2024 alone.
  • POS agents became critical financial access points during the period of cash shortage.
  • POS terminals now function as mini-banks in many communities.
  • Financial inclusion has expanded through agent-based banking and POS networks.
UBA is the only Tier 1 bank in Nigeria that grew its profit in the first three quarters of 2025 compared to 2024
  • FUGAZ posted a combined ₦2.91 trillion in profit from Q1 to Q3 of 2025.
  • Access Bank recorded the lowest PAT among the FUGAZ
  • UBA recorded a 3% year-on-year increase in PAT
  • FUGAZ recorded an average year-on-year percentage change of -11.2% for the period
GTCO declared ₦476b profit in H1 2025, with Nigeria contributing over 70% of African operations
  • Nigeria dominates with ₦339.6b, contributing over 70% of GTCO’s total profit after tax in Africa.
  • Ghana (₦61.9b) and Côte d’Ivoire (₦28.2b) followed as the strongest non-Nigerian subsidiaries.
  • Tanzania (₦46m) and Uganda (₦505m) contributed negligible profits compared to peers.
  • GTCO subsidiaries across Africa collectively generated around ₦476b profit after tax in the first half of 2025.
GTCO declared ₦476b profit in H1 2025, with Nigeria contributing over 70% of African operations
  • Nigeria dominates with ₦339.6b, contributing over 70% of GTCO’s total profit after tax in Africa.
  • Ghana (₦61.9b) and Côte d’Ivoire (₦28.2b) followed as the strongest non-Nigerian subsidiaries.
  • Tanzania (₦46m) and Uganda (₦505m) contributed negligible profits compared to peers.
  • GTCO subsidiaries across Africa collectively generated around ₦476b profit after tax in the first half of 2025.
Total microfinance deposits in Kenya only grew 1.66% CAGR over 10 years, ending at KSh 43.0B
  • Microfinance deposits in Kenya grew at only 1.66% CAGR between 2014 and 2024.
  • The peak occurred in 2021 at KSh 50.2B, after which deposits began a steady decline.
  • 2015 (+13.2%) and 2020 (+12.3%) posted the strongest year-on-year growth rates.
  • The sector saw consecutive contractions from 2022 (-7.3%), 2023 (-5.7%), to 2024 (-2.0%).
  • Despite small rebounds in 2018 (+7.3%) and 2019 (+12.3%), the long-term trend is weak.
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