List of African Countries Ranked by Number of Commercial Banks in 2025

In 2025, the African banking sector continued to show strong growth and resilience, with several key developments shaping the landscape.

The African Banking market, primarily driven by Traditional Banks, recorded an impressive average brand value increase of 22%, generating a collective $15.2 billion in new value. This growth was seen across various countries, including Nigeria, South Africa, Egypt, Ghana, and Kenya, which are known for their well-developed banking sectors.

Nigeria, in particular, saw the Central Bank of Nigeria (CBN) mandating banks to bolster their capital by March 2026, a move aimed at strengthening the sector. The CBN also introduced a new compliance department and launched the Electronic Foreign Exchange Matching System (EFEMS) to enhance efficiency.

Ghana, with 23 commercial banks, underwent reforms to improve stability and resilience in its banking sector. Meanwhile, Kenya, with the highest number of commercial banks in Africa at 38, maintained its lead, underscoring its robust and competitive banking sector.

Egypt's banking sector, comprising 36 commercial banks, received a boost from the $8 billion IMF bailout package, which included reforms aimed at enhancing private sector participation and financial stability.

Sudan's banking sector, operating under challenging economic conditions, is gradually implementing reforms to stabilize the economy and attract investment, overseen by the Central Bank. Similarly, Sudan's neighbour, South Sudan, has over 30 commercial banks, regulated by the Bank of South Sudan (BoSS).

Ethiopia, traditionally dominated by the state-owned Commercial Bank of Ethiopia (CBE), is undergoing significant reforms. In 2024, the government passed legislation allowing foreign banks to establish local subsidiaries and acquire shares in domestic banks.

Uganda and Tanzania also made strides in their banking sectors. Uganda, with 24 commercial banks, recently amended the Financial Institutions Act to allow Islamic banking products, while Tanzania's liberalized banking sector reflects a liberalized environment with 34 commercial banks.

Côte d'Ivoire's banking sector, with over 30 commercial banks, is a key player in the West African Economic and Monetary Union (WAEMU).

The Net Interest Income in the African Banking market is projected to reach US$205.53 billion by the end of the year, further indicating the sector's growth. The African Banks Outlook 2025 also revealed that reduced interest rates will likely underpin demand for credit and support confidence and investments.

In conclusion, the African banking sector continues to thrive, with various countries implementing reforms to attract investment, improve stability, and foster growth. The future looks promising as the sector continues to evolve and adapt to the changing economic landscape.