Full list: Nigeria's biggest banks are growing faster than South Africa's — see the rankings

Precious Omolu 12:49 - 20 July 2026

Add Pulse as a preferred source on Google

Nigeria's top banks are expanding asset sizes at a breakneck pace, though mature South African financial giants maintain a substantial lead in total dollar valuation.

Nigeria's biggest banks are expanding their assets much faster than South Africa's top lenders, driven by rapid expansion, higher deposits and recapitalisation, but South African banks still dominate in overall size.

Nigeria's six biggest banks grew their combined assets by 272% between Q1 2022 and Q1 2026.
South Africa's top six banks recorded 40% asset growth over the same period.
Access Bank remains Nigeria's biggest lender by assets, followed by Ecobank and UBA.
Analysts say recapitalisation and expansion into new markets could drive even bigger growth from 2027.

Nigeria's biggest banks are expanding at a speed that's leaving many of their South African rivals behind.

A comparison of the financial statements of the largest lenders in both countries shows that Nigeria's top six banks have recorded far stronger asset growth over the past five years, thanks to aggressive expansion, rising customer deposits and increased investments.

The country's biggest lenders: Access Bank, Ecobank, UBA, Zenith Bank, First Holdco and GTCO, have grown their combined assets by 272%, rising from ₦57.22 trillion in Q1 2022 to ₦213 trillion in Q1 2026.

In comparison, South Africa's leading banks; Standard Bank Group, FirstRand, Absa Group, Nedbank Group and Capitec Bank, recorded a much slower 40% increase, with their combined assets growing from R8.60 trillion to R12.06 trillion over the same period.

Why Nigerian banks are growing so fast

Nigerian banks successfully raised ₦4.65 trillion in fresh capital by early 2026, setting the stage for accelerated credit growth and balance sheet expansion starting in 2027.

Economist and former central banker Chukwunonso Ihuoma said the rapid growth is largely driven by expansion across different markets.

"As they increase their branch networks, customer base and investments, their asset sizes and asset quality rise."

He added that stronger deposit mobilisation and expansion into new markets have also contributed to the impressive growth.

Still, analysts say the numbers should be viewed with some context.

Although Nigerian banks are growing faster in local currency terms, they remain significantly smaller than South Africa's biggest lenders.

When converted to dollars, Nigeria's top six banks are worth about $154 billion in total assets, while South Africa's leading banks have a combined asset base of around $664 billion.

Lagos-based emerging markets analyst Ike Ibeabuchi explained that slower growth doesn't necessarily mean South African banks are underperforming.

"Even though Nigerian big banks are growing their assets more than South African peers, caution must not be thrown to the wind. When a market becomes more mature, its growth becomes slower. It does not mean the market has tanked."

Access Bank leads the pack

Access Bank posted a massive 339% asset surge to reach ₦53.1 trillion, heading the pack of Tier-1 Nigerian banks expanding across Africa.

Among Nigeria's tier-one lenders, Access Bank posted the biggest balance sheet, with total assets climbing 339% to ₦53.1 trillion, cementing its position as Nigeria's largest bank by assets.

Ecobank followed closely after recording 336% growth to ₦48.83 trillion, while UBA expanded its assets by 273% to ₦33 trillion.

Zenith Bank grew by 210% to ₦32.01 trillion, First Holdco increased its assets by 192% to ₦26.88 trillion, while GTCO posted 239% growth, ending the period with ₦18.7 trillion in assets.

Recapitalisation expected to drive even more growth

The recent banking recapitalisation exercise is also expected to accelerate growth over the next few years.

Nigerian banks collectively raised ₦4.65 trillion in fresh capital before the recapitalisation deadline of March 31, 2026, with more than 72% of the funds coming from local investors and the rest from international markets.

Analysts believe the impact of those funds will become more visible from 2027, with stronger balance sheets, improved lending capacity and better profitability.

According to Ibeabuchi: "I think banks in Nigeria will feel the impact of the funds they raised from 2027. It will not only be felt in asset size but also in asset quality, revenue, profits, deposits, loan growth, capital adequacy growth, credit ratings and corporate governance."

While Nigerian banks may still have a long way to go before matching the size of South Africa's financial giants, the latest figures suggest they're expanding faster than ever and positioning themselves to finance bigger businesses, infrastructure projects and economic growth in the years ahead.