A collection of various US dollar bills and international currency notes displayed together.
African banks have reached a historic milestone, surpassing $100 billion in annual revenue for the first time, signaling the sector’s growing economic clout. According to McKinsey & Company, revenues rose from $99 billion in 2024 to $107 billion in 2025. Even more striking, African banks expanded at roughly 17% annually between 2020 and 2024 on a constant-currency basis, significantly outpacing global averages. South Africa leads with $26.4 billion in customer-driven revenues, while Egypt, Kenya, Morocco, and Nigeria round out the top five markets accounting for 70% of continental revenues. McKinsey partner Mayowa Kuyoro declared the sector has moved from potential to performance; he warned the next competitive frontier will be digital transformation and revenue streams beyond traditional lending.
Nairametrics