Nigerian banks increased their combined Tier 1 capital by 48 per cent to $15.2 billion following the Central Bank of Nigeria’s (CBN) recapitalisation exercise, but no Nigerian lender made Africa’s top 10 largest banks in the latest continental ranking.
The 2026 Africa’s Top 100 Banks ranking, published by African Business and reported by Business Insider Africa, showed that Nigerian lenders collectively increased their Tier 1 capital from $10.3 billion in 2025 to $15.2 billion in 2026.
Key Highlights
- Nigerian banks increased combined Tier 1 capital by 48 per cent to $15.2 billion.
- No Nigerian bank featured among Africa’s top 10 largest banks in the 2026 ranking.
- UBA climbed five places to 15th, while GTBank moved to 25th.
- South Africa, Egypt, Morocco and Algeria dominated the continental top 10.
- Africa’s top 100 banks increased combined Tier 1 capital by 23 per cent to $155 billion.
- Standard Bank Group ranked first with $15.7 billion in Tier 1 capital.
- Nigeria’s recapitalisation programme ran from April 2024 to March 31, 2026.
Nigerian Banks Record Strong Capital Growth
The increase in Nigerian banks’ capital followed the recapitalisation programme introduced by the CBN to strengthen the banking sector and improve lenders’ capacity to withstand financial shocks.
Under the programme, international banks were required to increase their minimum paid-up capital from N50 billion to N500 billion, while national banks were required to raise their minimum capital from N25 billion to N200 billion.
Regional banks were also required to increase their minimum capital from N10 billion to N50 billion.
The recapitalisation exercise commenced in April 2024 and ended on March 31, 2026.
The CBN said the exercise was designed to strengthen banks’ capital buffers, improve their ability to absorb financial shocks and enhance their capacity to finance large-scale economic activities.
Despite the substantial increase in capital, the latest ranking shows that Nigerian lenders have yet to break into Africa’s top 10.
UBA, GTBank Improve Positions
United Bank for Africa (UBA) recorded one of the strongest improvements among Nigerian lenders, climbing five places to 15th position in the continental ranking.
Guaranty Trust Bank also moved up five places to 25th.
Access Bank and Zenith Bank recorded increases in capital but fell in the overall ranking as banks in other African markets recorded stronger growth.
The first 14 positions were dominated by lenders from South Africa, Egypt, Morocco and Algeria.
Exchange Rate Affects Bank Rankings
The ranking is primarily based on Tier 1 capital converted into US dollars, making exchange-rate movements an important factor in determining the relative positions of banks across countries.
As a result, an increase in a Nigerian bank’s capital measured in naira does not necessarily translate into a similar increase in its dollar-denominated capital.
Fluctuations in the naira-to-dollar exchange rate can therefore influence the position of Nigerian banks relative to lenders in other African economies.
Africa’s Top 100 Banks Grow 23%
Across Africa, the 100 largest banks increased their combined Tier 1 capital by 23 per cent, rising from $126.1 billion in 2025 to $155 billion in 2026.
Their combined assets also increased by 16 per cent to $1.8 trillion.
South African banks maintained a strong presence among the continent’s largest lenders, accounting for four of the top 10 positions.
Standard Bank Group retained the number one position after its Tier 1 capital increased by 19 per cent from $13.2 billion to $15.7 billion.
The bank recorded total assets of $217.7 billion, while its net profit rose to $3.4 billion.
FirstRand, Absa Bank and Nedbank also featured among the top 10.
Egypt, Morocco and Algeria Dominate Top 10
Egypt had two banks in the top 10, with National Bank of Egypt retaining second position after increasing its Tier 1 capital from $7.3 billion to $10.5 billion.
Banque Misr ranked eighth with $4.9 billion in Tier 1 capital.
Morocco had three banks among the top 10. Attijariwafa Bank retained third position with $7.7 billion, while Banque Centrale Populaire remained in sixth place.
Bank of Africa-BMCE Group moved from 11th to ninth position.
Banque Extérieure d’Algérie completed the top 10 with Tier 1 capital of $3.8 billion.
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Nigerian Banks Still Face Continental Gap
The ranking highlights the difference between the aggregate capital growth of Nigerian banks and the size of individual banking giants elsewhere on the continent.
Standard Bank Group alone recorded $15.7 billion in Tier 1 capital, slightly exceeding the combined $15.2 billion attributed to Nigerian banks in the ranking.
For the Nigerian banking sector, the 48 per cent increase in combined Tier 1 capital was more than twice the 23 per cent growth recorded across Africa’s top 100 banks.
The CBN has maintained that the recapitalisation programme is intended to create stronger and more resilient banks capable of absorbing financial shocks and providing larger-scale financing for sectors such as infrastructure, energy and manufacturing.
However, the latest ranking indicates that meeting regulatory capital requirements is only one part of the challenge facing Nigerian lenders.
To compete more closely with Africa’s largest banking groups, Nigerian banks will need to expand their balance sheets, strengthen regional operations and increase their dollar-denominated capital.
For now, the recapitalisation exercise has significantly strengthened the aggregate capital position of Nigerian banks, but the 2026 continental ranking shows that no Nigerian lender has yet entered Africa’s top 10 largest banks.
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