Top 7 Banks in West Africa for 2024

Africa’s financial system has encountered numerous obstacles in recent years, including economic turmoil, political instability, and external shocks. Banks have had to deal with a variety of economic challenges, including currency volatility, inflationary pressures, and fluctuating commodity prices. The stress level is very high in major economies.

Despite these severe conditions, many banks have shown remarkable tenacity and adaptability. These institutions have stayed resilient by implementing new tactics and strong management practices, with some even reporting record profits.

Global Finance, which is known for picking the greatest financial institutions worldwide, recently declared the top banks on the African continent and in other regions.

Global Finance reports that West Africa’s banking system is undergoing significant changes. At the center of the disturbances are local Pan-African banks on an acquisition binge.

Global Finance has listed the top banks in West Africa for 2024.

1. Zenith Bank – Nigeria

Zenith Bank, named the Best Bank in Nigeria by Global Finance, is a major financial services provider in Nigeria and Anglophone West Africa. Zenith Bank, founded in 1990, is a global brand that is listed on both the London and Nigerian stock exchanges.

The bank was founded on September 1, 1993, when the government separated the commercial banking responsibilities of the Bank of Cape Verde into the newly formed Banco Comercial do Atlântico.

Banco Comercial do Atlantico (BCA), Global Finance’s Best Bank in Cape Verde, is preparing for a change of ownership. Caixa Geral de Depositos, a state-owned Portuguese bank, has agreed to sell its 59.8% stake in BCA to Bahrain’s iibGroup. Meanwhile, BCA made $16.8 million in profit.

The bank is unrivaled in the micro, small, and medium-sized firm (MSME) market, and to strengthen its position, it intends to devote 35% of its lending portfolio to MSMEs by 2026.

BANGE, which provides both retail and corporate banking services, was founded in 2006 with almost $4 million in backing from Guinea’s government and a minority investor, the Philippines Bank of Commerce.

While most other banks in the country are foreign-owned, BANGE is the first locally-owned bank to enter the market since 1985.

According to Global Finance, BANGE, Equatorial Guinea’s best bank, is feeling the ill consequences of an economy that is expected to remain in recession for the foreseeable future. Despite crucial indicators such as an increase in nonperforming loans indicating distress, the bank is nonetheless committed to supporting its clients’ financial needs.

Guaranty Trust Bank Gambia Ltd started operations in The Gambia on March 5, 2002. The bank is a joint venture between Guaranty Trust Bank plc (formerly Guaranty Trust Bank Holding Company Plc), a major Nigerian bank, and numerous significant Gambian businesspeople and institutions.

The bank is not only leveraging its enormous branch network to form agreements with public organizations to collect income, but it is also deploying digital channels to expand retail market penetration.

The Bank operates from 15 locations across the country, including our electronic branch in the Senegambia Tourism Development Area.

Access Bank Ghana, a subsidiary and component of the Access Bank Group, a financial services conglomerate headquartered in Nigeria, began operations in 2009 with a base capital of GHS:80 million.

The Ghanaian economy is exhibiting signs of stabilization following a volatile era, and Access Bank, the country’s winner, is already reaping the benefits, with net profits increasing by 47.1% in the third quarter to $34.4 million, up from $23.3 million in the same period in 2022.

VISTA Bank has been named the finest bank in Guinea. The bank is bringing together resources from partners such as development finance institutions Proparco and Shelter Afrique to help SMEs and affordable housing expand in the country.

Following the recent acquisition of several Société Générale subsidiaries and Orabank, the Group now operates in 16 West and Central African countries. It is presently the region’s third-largest banking organization by branch count, and it plans to grow into 25 African countries.

 

Atlantic Bank Group, often known by its French name Groupe Banque Atlantique, is a West African financial services company.

Banque Atlantique, Mali’s finest bank, is investing extensively in technology and digital transformation to maintain its retail market dominance and increase financial inclusion.

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