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West Africa’s Top Banks in 2021 – Zenith Bank tops the table again

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3 years ago

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In September 2021 Central Bank of Nigeria (CBN) governor Godwin Emefiele said he was optimistic that “by the end of the year, our economy will not only close the output gap brought about by the 2020 recession… we would end the year with an annual GDP growth of between 2.5% and 3% up from -1.92% in 2020”.

He added that economic damage to businesses was containable: “Our non-performing ratio in the banking industry in July 2021 stood at 5.4%, reflecting continued improvement from 6% in September 2020.”

The CBN reports that the banking sector capital adequacy ratio (15.5%) and the liquidity ratio (41.3%) have remained above prudential limits.

On 14 September CBN announced plans to launch a Nigerian International Financial Centre in the coming 12 months. This comes weeks after positive news stories in July of backing from the City of London for Kenya’s Nairobi International Financial Centre and £132m ($183m) of new UK investments into Kenya.

The launch of Nigeria’s digital currency, the eNaira, will provide opportunities but could also impact on the revenue models of financial institutions.

Zenith Bank tops the table again

For the size of its economy, Nigeria’s quality banks do not feature very high in our overall ranking of Africa’s Top 100 Banks in 2021. Top regional bank is again Zenith Bank, up from #14 last year to #13 with tier 1 capital up 15% to $2.3bn.

The Top 100 Banks survey ranks the banks according to their Tier 1 capital. This consists of: capital + reserves + retained earnings + minority interests. These are published in local currencies and then converted into US dollars at the exchange rates at the year-end date in the results (or on 31 December 2020), so changing FX rates can affect the ranking.

We collect the data from Bankers’ Almanac, Moody’s Analytics BankFocus and the in-house research of African Business, excluding some banks where data is old or unreliable. The table below lists the Top 20 banks in the West and Central African region along with their positions in the continental ranking.

Ecobank rises in the rankings

Togo-based Ecobank Transnational Incorporated rises from #18 to #16 in the continental ranking, with capital of $2bn, while subsidiary Ecobank Nigeria ranks at #37 after an impressive climb from #46, with capital up 20% to $726m, and Ecobank Ghana is at #92, with capital of $235m.

First Bank of Nigeria ranks #17, also with $2bn. Nigeria’s Access Bank, United Bank for Africa, and Guaranty Trust Bank make a hat-trick, ranking #21, #22 and #23 respectively and unchanged from last year.

Senegal’s Bank of Africa Group ranks #30 and BGFI Bank from Gabon in Central Africa ranks #40.

Ghana scores three banks in the top 100, compared to Nigeria’s 12 banks. These are new entrant Absa Bank (Ghana) at #87, Ghana Commercial Bank (#91) and Ecobank Ghana (#92).

Regional ranking Africa ranking Bank Country Date Capital ($m) Assets ($m) Profit ($m)
1 13 Zenith bank Nigeria Dec, 2020 2,323 22,212 604
2 16 Ecobank Transnational Incorporated Togo Dec, 2020 2,024 25,939 88
3 17 First Bank of Nigeria Nigeria Dec, 2020 2,004 20,138 330
4 21 Access Bank Nigeria Dec, 2020 1,693 22,732 278
5 22 United Bank for Africa Nigeria Dec, 2020 1,610 20,161 298
6 23 Guaranty Trust Bank Nigeria Dec, 2020 1,610 12,950 528
7 30 Bank of Africa Group Senegal Dec, 2020 1,021 10,442 137
8 36 Stanbic IBTC Nigeria Dec, 2020 780 6,512 218
9 37 Ecobank Nigeria Nigeria Dec, 2019 726 5,495 3
12 40 BGFI Bank Gabon Dec, 2020 648 6,580 82
10 41 Fidelity Bank Nigeria Dec, 2020 647 7,224 70
11 42 Union Bank of Nigeria Nigeria Dec, 2020 644 5,738 49
13 56 First City Monument Bank (FCMB) Nigeria Dec, 2019 446 4,475 38
14 76 Sterling Bank Nigeria Dec, 2020 326 3,402 29
15 87 Absa Bank (Ghana) Ghana Dec, 2020 252 2,139 80
16 91 Ghana Commercial Bank (GCB) Ghana Dec, 2019 237 2,194 75
17 92 Ecobank Ghana Ghana Dec, 2019 235 2,318 78
18 93 CitiBank (Nigeria) Nigeria Dec, 2019 229 2,417 103
19 – NSIA Banque-Côte d’Ivoire Côte d’Ivoire Dec, 2020 190 2,899 13
20 – Banque de Developpement du Mali Mali Dec, 2019 159 1,515 23

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Africa

Donors raise more than 2 billion euros for Sudan aid a year into war

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April 16, 2024

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PARIS/CAIRO, April 15 (Reuters) – Donors pledged more than 2 billion euros ($2.13 billion) for war-torn Sudan at a conference in Paris on Monday, French President Emmanuel Macron said, on the first anniversary of what aid workers describe as a neglected but devastating conflict.
Efforts to help millions of people driven to the verge of famine by the war have been held up by continued fighting between the army and the paramilitary Rapid Support Forces (RSF), restrictions imposed by the warring sides, and demands on donors from other global crises including in Gaza and Ukraine.
Conflict in Sudan is threatening to expand, with fighting heating up in and around al-Fashir, a besieged aid hub and the last city in the western Darfur region not taken over by the RSF. Hundreds of thousands of displaced people have sought refuge in the area.
“The world is busy with other countries,” Bashir Awad, a resident of Omdurman, part of the wider capital and a key battleground, told Reuters last week. “We had to help ourselves, share food with each other, and depend on God.”
In Paris, the EU pledged 350 million euros, while France and Germany, the co-sponsors, committed 110 million euros and 244 million euros respectively. The United States pledged $147 million and Britain $110 million.
Speaking at the end of the conference, which included Sudanese civilian actors, Macron emphasized the need to coordinate overlapping and so far unsuccessful international efforts to resolve the conflict and to stop foreign support for the warring parties.
“Unfortunately the amount that we mobilised today is still probably less than was mobilised by several powers since the start of the war to help one or the other side kill each other,” he said.
As regional powers compete for influence in Sudan, U.N. experts say allegations that the United Arab Emirates helped arm the RSF are credible, while sources say the army has received weapons from Iran. Both sides have rejected the reports.
The war, which broke out between the Sudanese army and the RSF as they vied for power ahead of a planned transition, has crippled infrastructure, displaced more than 8.5 million people, and cut many off from food supplies and basic services.
“We can manage together to avoid a terrible famine catastrophe, but only if we get active together now,” German Foreign Minister Annalena Baerbock said, adding that, in the worst-case scenario, 1 million people could die of hunger this year.
The United Nations is seeking $2.7 billion this year for aid inside Sudan, where 25 million people need assistance, an appeal that was just 6% funded before the Paris meeting. It is seeking another $1.4 billion for assistance in neighbouring countries that have housed hundreds of thousands of refugees.
The international aid effort faces obstacles to gaining access on the ground.
The army has said it would not allow aid into the wide swathes of the country controlled by its foes from the RSF. Aid agencies have accused the RSF of looting aid. Both sides have denied holding up relief.
“I hope the money raised today is translated into aid that reaches people in need,” said Abdullah Al Rabeeah, head of Saudi Arabia’s KSRelief.
On Friday, Sudan’s army-aligned foreign ministry protested that it had not been invited to the conference. “We must remind the organisers that the international guardianship system has been abolished for decades,” it said in a statement.

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SA users of Starlink will be cut off at the end of the month

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2 weeks ago

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April 16, 2024

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Starlink users in South Africa are facing a major setback as the satellite internet service provider has issued a warning that their services will be terminated by the end of the month.

In an email sent to many South African users, Starlink stated that their internet access will cease on April 30 due to violation of its terms and conditions.

The email emphasized that using Starlink kits outside of designated areas, as indicated on the Starlink Availability Map, is against their terms. Consequently, users will only be able to access their Starlink account for updates after the termination.

Starlink, a company owned by Elon Musk’s SpaceX, operates a fleet of low earth orbit satellites that offer high-speed internet globally. Despite its potential to revolutionize connectivity, Starlink has been unable to obtain a license to operate in South Africa from the Independent Communications Authority of South Africa (Icasa).

Icasa’s requirements mandate that any applicant must have 30% ownership from historically disadvantaged groups to be considered for a license. However, many in South Africa resorted to creative methods to access Starlink services, including purchasing roaming packages from countries where Starlink is licensed.

However, Icasa clarified in a government gazette last November that using Starlink in this manner is illegal. Additionally, Starlink itself stated in the recent email to users that the ‘Mobile – Regional’ plans are meant for temporary travel and transit, not permanent use in a location. Continuous use of these plans outside the country where service was ordered will result in service restriction.

Starlink advised those interested in making its services available in their region to contact local authorities.

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Niger, Mali and Burkina Faso agree to create a joint force to fight worsening violence

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2 months ago

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March 8, 2024

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BAMAKO, Mali (AP) — A joint security force announced by the juntas ruling Mali, Niger and Burkina Faso to fight the worsening extremist violence in their Sahel region countries faces a number of challenges that cast doubt on its effectiveness, analysts said Thursday.

Niger’s top military chief, Brig. Gen. Moussa Salaou Barmou said in a statement after meeting with his counterparts Wednesday that the joint force would be “operational as soon as possible to meet the security challenges in our area.”

The announcement is the latest in a series of actions taken by the three countries to strike a more independent path away from regional and international allies since the region experienced a string of coups — the most recent in Niger in July last year.

They have already formed a security alliance after severing military ties with neighbors and European nations such as France and turning to Russia — already present in parts of the Sahel — for support.

Barmou did not give details about the operation of the force, which he referred to as an “operational concept that will enable us to achieve our defence and security objectives.”

Although the militaries had promised to end the insurgencies in their territories after deposing their respective elected governments, conflict analysts say the violence has instead worsened under their regimes. They all share borders in the conflict-hit Sahel region and their security forces fighting jihadi violence are overstretched.

The effectiveness of their security alliance would depend not just on their resources but on external support, said Bedr Issa, an independent analyst who researches the conflict in the Sahel.

The three regimes are also “very fragile,” James Barnett, a researcher specializing in West Africa at the U.S.-based Hudson Institute, said, raising doubts about their capacity to work together.

“They’ve come to power through coups, they are likely facing a high risk of coups themselves, so it is hard to build a stable security framework when the foundation of each individual regime is shaky,” said Barnett.

—-

Associated Press writer Chinedu Asadu in Abuja, Nigeria contributed.

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