(Last Updated On: June 14, 2015)
The African banking space is growing rapidly as more and more people get into the financial system. Poverty and lack of education have been the biggest barriers to signing up more people into the system. Countries like DR Congo have 7% penetration rates when it comes to banking with as much as 95% of transactions happening outside banks.
Here are the 10 biggest banks in Africa
10. Credit Populaire du Maroc – Total Assets $27.6 Billion
Credit Populaire du Maroc is a bank group based in Morocco and one of the biggest in the country. It deals with both retail and corporate banking.
9. Banque Misr – Total Assets $29.44 Billion
This is the second biggest bank in Egypt and founded back in 1920. It has branches in all Egypt’s governorates. Its headquarters are in Cairo Egypt.
8. Investec Bank – Total Assets $31 Billion
This is a bank in South Africa which mainly does international specialist banking and asset management. Its other principal markets are the United Kingdom and Australia.
7. Banque Exterieure d’Algeria – Total Assets $35 Billion
This is a bank based in Bir Mourad Rais Algeria. It was founded back in 1967.
6. Attijariwafa Bank – Total Assets $40.026 Billion
This is the biggest bank in Morocco. It is was formed after a merger between Banque Commerciale du Maroc and Wafabank. The bank has 84 subsidiaries in Northern Africa, Western Europe, Central Africa, Western Africa, South America, British Islands, Middle east, North America, Southern Europe, Australia and New Zealand.
5. National Bank Of Egypt – Total Assets $55 Billion
This is the largest and oldest bank in Egypt. It holds 25% of the deposits and 25% of the loans in the country. It also accounts for 74% of the credit cards and 40% of the debit cards.
4. Nedbank Group – Total Assets $80 Billion
It is South Africa’s fourth largest bank. It is headquartered in Johannesberg South Africa. It provides wholesale and retail banking, asset management, wealth management and insurance services. It has over 6.9 million clients. Old Mutual own 52% of the bank.
3. FirstRand Group – Total Assets $90 Billion
FirstRand is located in South Africa. It provides banking, insurance and investment products. It has expanded to 8 other African countries plus also in London and India.
2. Barclays Africa Group – Total Assets $98 Billion
Formerly known as ABSA Group. It is in South Africa and offers personal and business banking. Other services are investment management, wealth management and bancassurance. Barclays owns 62.3% of the group and change the name after acquisition. It has presence in other 10 African countries.
1. Standard Bank Group – Total Assets $185 Billion
This is the biggest bank in Africa with operations in 32 countries around the world 20 of them being in Africa. It is headquartered in Johannesburg South Africa. It owns a controlling stake in South African listed insurance company Liberty Holdings Limited.