As of 2022, Nigeria's Zenith Bank and Access Bank were the leading banks in West Africa in terms of tier 1 capital. Each accumulated tier 1 capital of around 2.58 billion and 2.4 billion U.S. dollars, respectively. Moreover, First Bank of Nigeria registered an approximate value of 2.22 billion U.S. dollars, ranking it third in the West African region. Tier 1 capital consists of core capital, reserves, retained earnings, and minority interests.
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Leading banks in West Africa in 2023, by tier 1 capital
(in million U.S. dollars)
The source adds the following information:
"The ranking for the Top 100 Banks survey uses Tier 1 capital which consists of capital + reserves + retained earnings + minority interests. The figures in local currencies are converted into US dollars at the foreign exchange rates on the year-end date in the results, which was December 31, 2022. Data comes from Moody’s Analytics BankFocus, Bankers’ Almanac and from African Business inhouse research. We have excluded some banks where data is old or unreliable".
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African Business. (October 3, 2023). Leading banks in West Africa in 2023, by tier 1 capital (in million U.S. dollars) [Graph]. In Statista. Retrieved June 13, 2025, from https://www.statista.com/statistics/1261978/leading-banks-in-west-africa-by-tier-1-capital/
African Business. "Leading banks in West Africa in 2023, by tier 1 capital (in million U.S. dollars)." Chart. October 3, 2023. Statista. Accessed June 13, 2025. https://www.statista.com/statistics/1261978/leading-banks-in-west-africa-by-tier-1-capital/
African Business. (2023). Leading banks in West Africa in 2023, by tier 1 capital (in million U.S. dollars). Statista. Statista Inc.. Accessed: June 13, 2025. https://www.statista.com/statistics/1261978/leading-banks-in-west-africa-by-tier-1-capital/
African Business. "Leading Banks in West Africa in 2023, by Tier 1 Capital (in Million U.S. Dollars)." Statista, Statista Inc., 3 Oct 2023, https://www.statista.com/statistics/1261978/leading-banks-in-west-africa-by-tier-1-capital/
African Business, Leading banks in West Africa in 2023, by tier 1 capital (in million U.S. dollars) Statista, https://www.statista.com/statistics/1261978/leading-banks-in-west-africa-by-tier-1-capital/ (last visited June 13, 2025)
Leading banks in West Africa in 2023, by tier 1 capital (in million U.S. dollars) [Graph], African Business, October 3, 2023. [Online]. Available: https://www.statista.com/statistics/1261978/leading-banks-in-west-africa-by-tier-1-capital/
