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…Top 10 Dominated By Banks From S/Africa, Egypt, Morocco, Algeria
Nigerian banks have strengthened their capital positions significantly after raising fresh funds under the Central Bank of Nigeria’s recapitalisation programme, but none made Africa’s top 10 largest banks in the 2026 ranking, with lenders from South Africa, Egypt, Morocco and Algeria retaining their dominance.
The combined Tier 1 capital of Nigerian banks rose from $10.3bn in 2025 to $15.2bn in 2026, representing an increase of about 48 per cent, according to the 2026 Africa’s Top 100 Banks ranking published by African Business and reported by Business Insider Africa.
The increase came against the backdrop of the CBN’s banking sector recapitalisation programme, which required banks to raise their minimum paid-up capital according to their licence categories.
International banks were required to raise their minimum capital to N500bn from N50bn, while national banks were required to increase theirs to N200bn from N25bn. Regional banks faced a new minimum of N50bn, up from N10bn.
The recapitalisation programme, which commenced in April 2024 and ran through March 31, 2026, was designed to strengthen banks’ capital buffers, improve their capacity to absorb shocks and enable them to provide larger-scale financing to the economy.
Despite the fresh capital raised by Nigerian lenders, however, the latest continental ranking shows that increased capital has not yet translated into a place among Africa’s 10 largest banks.
United Bank for Africa recorded one of the strongest improvements among Nigerian lenders, rising five places to 15th position, while Guaranty Trust Bank also climbed five places to 25th.
Access Bank and Zenith Bank, despite recording higher capital, slipped in the overall ranking, reflecting the stronger growth recorded by competing banks across other African markets.
The first 14 positions were occupied by banks from South Africa, Egypt, Morocco and Algeria, leaving Nigeria outside the continent’s highest-ranked group.
The ranking is based primarily on Tier 1 capital converted into United States dollars, meaning exchange-rate movements can significantly affect the relative position of banks from different countries.
Consequently, growth in a bank’s capital in naira does not necessarily translate into a similar increase in its dollar-denominated capital. This is particularly relevant for Nigerian lenders, given the movement in the naira-dollar exchange rate over the period under review.
Across the continent, the top 100 banks recorded a 23 per cent increase in combined Tier 1 capital, from $126.1bn in 2025 to $155bn in 2026.
Their combined assets also rose by 16 per cent to $1.8tn, reflecting a broader improvement in the financial position of major African banks.
South African lenders maintained the strongest presence in the top 10, accounting for four positions — Standard Bank Group, FirstRand, Absa Bank and Nedbank.
The four institutions collectively held $34.3bn in Tier 1 capital, representing more than half of the $65bn held by the continent’s 10 largest banks.
Standard Bank Group retained the number one position, with Tier 1 capital rising 19 per cent from $13.2bn to $15.7bn. Its assets stood at $217.7bn, while net profit rose to $3.4bn.
Egypt had two banks in the top 10. National Bank of Egypt retained second position after increasing its Tier 1 capital from $7.3bn to $10.5bn, while Banque Misr ranked eighth with $4.9bn.
Morocco had three representatives in the top 10. Attijariwafa Bank retained third position with Tier 1 capital of $7.7bn, while Banque Centrale Populaire remained sixth. Bank of Africa-BMCE Group moved from 11th to ninth.
Banque Extérieure d’Algérie completed the top 10 with Tier 1 capital of $3.8bn.
For Nigerian banks, the 48 per cent increase in combined Tier 1 capital was more than twice the 23 per cent growth recorded across Africa’s top 100 banks.
However, the gap with the continent’s largest lenders remains significant. Standard Bank Group alone had $15.7bn in Tier 1 capital, slightly above the combined $15.2bn recorded by Nigerian banks in the ranking.
The development highlights the difference between aggregate capital growth and individual institutional scale. While the recapitalisation has expanded the financial capacity of Nigerian banks, the continent’s largest lenders continue to operate with substantially larger dollar-denominated capital bases and balance sheets.
The CBN has said the recapitalisation is intended to produce stronger and more resilient banks capable of absorbing financial shocks and supporting large-scale lending to infrastructure, energy, manufacturing and other productive sectors. It also expects stronger capital buffers to improve financial stability and support economic growth.
The latest ranking therefore provides an early indication of the competitive challenge facing Nigerian banks after the recapitalisation exercise.
Beyond meeting the new regulatory thresholds, lenders will need to grow their balance sheets, strengthen their regional operations and expand their dollar-denominated capital if they are to close the gap with Africa’s largest banking groups.
For now, the Nigerian banking sector has recorded substantial capital growth, but the latest continental ranking shows that the additional capital has yet to translate into representation among Africa’s top 10 largest banks.
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