Nigeria’s Biggest Banks Post Faster Growth Than South Africa’s Top Lenders

Nigeria’s top banks have expanded their assets at a much faster rate than their South African counterparts over the past five years, reflecting stronger growth in lending, investments, and business operations.

The combined assets of Nigeria’s six largest banks—Access Bank, Ecobank, UBA, Zenith Bank, First Holdco, and GTCO—rose by 272 percent, increasing from N57.22 trillion in 2022 to N213 trillion in the first quarter of 2026.

Analysts say the growth demonstrates the increasing ability of Nigerian banks to finance large-scale businesses and infrastructure projects.

Despite the rapid expansion, South African banks remain significantly larger in absolute terms.

The combined assets of Nigeria’s top six lenders stood at about $154 billion in the first quarter of 2026, compared with an estimated $664 billion for South Africa’s major banks.

Among Nigerian lenders, Access Bank recorded the strongest growth, with assets rising 339 percent to N53.1 trillion, maintaining its position as the country’s largest bank by assets. Ecobank followed with a 336 percent increase to N48.83 trillion, while UBA’s assets grew 273 percent to N33 trillion.
Zenith Bank, First Holdco, and GTCO also posted substantial gains during the period.

Analysts expect the growth trend to continue following the banking sector recapitalisation programme, which saw banks raise about N4.65 trillion in fresh capital by March 2026.

They believe the benefits of the capital injection will become more visible from 2027, strengthening lending capacity, profitability, and overall financial performance.

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