Top 10 Largest Banks in Africa 2023
The banking industry in Africa is rapidly developing despite 57% of the population being unbanked. According to statistics in 2022, 456 million adults were expected to possess a bank account, a significant increase from the 2017 statistics which reported that only 298 million African adults utilised bank accounts. African business claims that African banks have managed to bounce back profit-wise after the COVID pandemic. African banks are small by world standards, holding less than 1% of the World Bank's total capital. However, African banks outperform almost all other regions in terms of profits. They earn twice as much as expected for their size, contribute 2% to global profits, and deliver a 20% return on investment. This is the third highest level in the world. This report uses measured assets, cash, equities, and business interests to arrive at the ranking of the banks. I will now list the top ten largest banks in Africa starting from the bottom up to top.
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