African banks have strong financial standing for the most part, but slow GDP growth rates on the continent could cripple future lending as non-performing loans continue to increase. It has been observed that a majority of African countries will continue to endure difficult macroeconomic conditions. Economic growth is likely to remain below historical levels, and the political uncertainty in many African nations will decrease confidence and governments’ capacity for increased revenue. With the instability of the economy and rising problem loans, governments may have reduced capacity to support banks in times of need. However, there are still some commercial banks who have continued to thrive despite the economic instability and uncertainties stifling economic progress within the continent. These banks below have been ranked as Africa’s best commercial banks so far:
- Standard Bank Group is Africa’s largest lender by assets and has a presence in 20 countries on the continent.
- Societe Generale is a French-based bank which also has a major pan-African banking presence, with operations in 19 countries on the continent.
- Ecobank is another pan-African banking leader, which took the Best Bank awards in Burkina Faso, Gambia and Togo. Ecobank’s pan-African platform, with 1,268 branches in 36 countries, is the biggest of any bank.
- Zenith Bank in West Africa is a Nigeria-based leading bank which won Best Bank honours in Ghana and Sierra Leone. It has subsidiaries in Gambia, UAE and the UK. It also has other representative offices in South Africa and China.
- The Bank of Africa Group has operations in 18 sub-Saharan African countries, plus a network in France. Bank of Africa banks are the most leading banks in Madagascar and Mali.
Olatorera Consultancy Limited provides business development services to high net-worth individuals and companies looking to grow, enter or do business in Africa.
