African Banks Outpace Global Peers on Returns as Revenues Top $100 ...

African banks’ revenues surpass $100B

African banks’ revenues rose to $107 billion in 2025, the first time it had crossed the 12-digit threshold, according to a report by McKinsey. In the five years to 2024, Africa’s banking sector outperformed every other region. South Africa, Egypt, Nigeria, Morocco, and Kenya accounted for nearly 70% of African banking revenues in 2024, with South Africa alone raking in $26.4 billion that year.High interest rates and growth in trading fees have b…

African banks outpace global peers on returns as revenues top $100 ...

Nigeria Banking Sector Projected To Reach $16bn By 2030 As McKinsey Flags Digital Growth, Consolidation

Nigeria’s banking industry is on course to expand significantly, with projections indicating a market size of $16bn by 2030, driven by structural reforms, digital adoption, and increasing regulatory requirements, according to a recent industry outlook by McKinsey & Company. The report highlights that the sector is undergoing a major transformation shaped by tighter capital rules, macroeconomic pressures, and a shift toward more diversified reven…

African banks outpace global peers on returns as revenues top $100bln, McKinsey says

On a constant-currency basis, banking revenues grew by around 17% a year between 2020 and 2024

Nigeria’s Banking Sector to Hit $16bn by 2030 – McKinsey - Tech

Nigeria’s banking industry is poised for a significant structural shift, with market size projected to reach $16 billion by 2030, underpinned by consolidation, accelerated digital adoption, and tighter regulatory oversight, a new report by McKinsey & Company has indicated. The outlook comes against the backdrop of far-reaching reforms, including a substantial increase in minimum capital requirements and a gradual transition toward more sustainab…