Zenith Leads, Access 14th: 12 Nigerian Banks Make List of African Top 100 Banks in 2023
- The list of the top 100 African banks for 2023 has been revealed in a new report
- Zenith Bank and Access Bank lead the Nigerian banks on the list, which is dominated by institutions from South Africa, Egypt
- These rankings were determined using key metrics for assessing a bank's financial health, including shareholders' equity and retained earnings
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Twelve Nigerian banks have been included in the 100 African Biggest Banks list in 2023.
The list compiled by African Business shows that South Africa, Egypt, Morocco and Algeria remain the homes of Africa's banking giants.
Source: Facebook
Nigerian banks that made the list include Zenith Bank, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, United Bank For Africa (UBA), Stanbic IBTC, First City Monument Bank (FCMB), Union Bank of Nigeria, Fidelity Bank, Sterling Bank, CitiBank (Nigeria), and Ecobank Nigeria.
Nigerian banks ranking on Africa's top 100
According to the report, the top Nigerian bank is Zenith Bank, ranked 12th among the 100 African banks.
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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.
Here is how other Nigerian banks rank:
| Banks | Ranking 2023 | Ranking 2022 |
| Guaranty Trust Bank | 21 | 17 |
| United Bank For Africa | 22 | 23 |
| Stanbic IBTC | 33 | 37 |
| First City Monument Bank (FCMB) | 42 | 42 |
| Ecobank | 41 | 39 |
| Union Bank of Nigeria | 44 | 50 |
| Fidelity Bank | 45 | 46 |
| Standard Chartered Bank Nigeria | 52 | 75 |
| Sterling Bank | 78 | 87 |
| CitiBank (Nigeria) | 89 | - |
Top five banks in Africa
Based on its findings, Africa's reports state 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.
For the complete list, use this link.
First Bank announces new names for subsidiaries across Africa
Meanwhile, in another report, Legit.ng revealed that First Bank has announced the name change of its subsidiary in several countries to align with the parent brand.
The bank states that the move will help create brand clarity and consistency across all FirstBank Group subsidiaries.
First Bank has branches in various countries across Africa and Europe.
Source: Legit.ng
