The biggest regional percentage increase this year in Tier 1 capital in the full ranking of Africa's Top Banks 2026 has been achieved by West and Central Africa. Most of that is in Nigerian banks, which are starting to recover some of the ground lost in recent years. Five of the region's six big banks - United Bank for Africa, Access Bank, Zenith Bank, Guaranty Trust Bank and FBN Holdings - are based in Nigeria.
Across the regional Top 20 three banks come from Ghana, three from Côte d'Ivoire and one each from Gabon and the Democratic Republic of Congo (DRC). Nigeria has 12 in total, with Wema Bank as a new entrant to the continental Top 100 and Standard Chartered Nigeria returning to the rankings.
The CBN's recapitalisation reforms should leave the Nigerian banking industry better equipped to finance large corporate and infrastructure projects. It could also accelerate overseas expansion: Access Bank is moving into Kenya and UBA already operates one of the continent's widest-reaching banking networks, while Ecobank's business model is explicitly pan-African.
Domestic conditions remain challenging. Inflation, high interest rates, currency movements and the cost of doing business affect both banks and their customers.
Originally published by African Business.