East Africa has recorded another year of growth in Africa's Top Banks 2026, although at a slower pace than in our 2025 survey. Kenya remains the region's financial centre and dominates our East Africa regional table, supplying six of the Top 10 banks and 11 of the regional top 20. KCB Group takes first place with $1.36bn in capital, ahead of Equity Bank with $2.53bn and Commercial Bank of Ethiopia on $1.14bn.
Kenya is becoming one of the main battlegrounds for cross-border banking expansion in Africa, attracting interest from Nigerian, South African and other international groups. Following the acquisition of National Bank of Kenya by Nigeria's Access Bank, South Africa's Nedbank made an offer in January 2026 to acquire 66% of Kenya's NCBA Group. NCBA ranks 11th in East Africa this year, with $684m in capital. A successful transaction would therefore give Nedbank control of a substantial Kenyan institution.
The interest of Access and Nedbank illustrates Kenya's advantages. The country combines relatively developed capital markets, wide use of digital payments, strong regional commercial links and an established banking culture. Outside entrants do face formidable local competitors, with KCB and Co-operative Bank remaining the regional leaders.
The sheer number of Kenyan banks is reflected in the country's dominance of the lower reaches of our regional table. Equity Bank is ranked 2nd, NCBA 11th, Prime Bank 12th, Absa Bank Kenya 13th, Stanbic Bank Kenya 16th and Standard Chartered Bank Kenya 17th. Further consolidation looks likely as regulators progressively raise minimum bank capital from 1bn shillings ($750,000) to 10bn shillings by 2032, increasing pressure on smaller institutions either to raise additional funds or merge with rivals.
Originally published by African Business.