Nigerian Banks Post Record Profits but Lag in Brand Growth
TLDR
- Nigeria’s top banks recorded record earnings in 2024 but trailed their African peers in brand equity growth, according to the 2025 African Banking report
- Despite earning ₦4.14 trillion ($2.58 billion), the combined brand value of Access Bank, GTCO, Zenith Bank, UBA, and First Bank rose only 5.37% to $1.57 billion
- Zenith Bank and UBA were the only two Nigerian banks on the top 22 list to experience a decline in brand value, down 16% and 26%, respectively
Nigeria’s top banks recorded record earnings in 2024 but trailed their African peers in brand equity growth, according to the 2025 African Banking report by Brand Finance. Despite earning ₦4.14 trillion ($2.58 billion), the combined brand value of Access Bank, GTCO, Zenith Bank, UBA, and First Bank rose only 5.37% to $1.57 billion.
By contrast, banks in Kenya and South Africa posted double-digit brand equity growth—25.1% and 23.6% respectively—driven by stronger digital innovation and customer trust. Egypt's banking sector also outpaced Nigeria, with 8.03% growth in brand value.
Zenith Bank and UBA were the only two Nigerian banks on the top 22 list to experience a decline in brand value, down 16% and 26%, respectively. In contrast, GTCO, First Bank, and Access Bank saw modest increases of 31.6%, 25.4%, and 17.8%. While Nigerian banks spent ₦268.7 billion ($171.5 million) on IT upgrades in 2024—up 74.5% year-on-year—analysts say these investments have not yet translated into deeper financial inclusion or stronger brand loyalty.
Daba is Africa's leading investment platform for private and public markets. Download here
Points clés à retenir
Nigeria’s traditional banks may be financially strong, but they are struggling to build emotional and digital resonance with customers, especially in underserved regions. By 2023, 37% of rural Nigerians remained outside the formal banking system, highlighting a persistent inclusion gap despite increased agent banking networks. Fintechs and digital-first challengers have capitalized on this gap. A 2024 KPMG survey found fintechs outperform traditional banks in customer satisfaction across key service metrics. While banks expanded agent networks and IT systems, their offerings still skew toward urban, salaried customers. By contrast, Kenyan banks like Equity Bank and KCB have integrated with mobile platforms like M-Pesa to offer credit, insurance, and savings to rural and informal users. South Africa’s Capitec and TymeBank have built trust through digital-only models and AI-driven engagement. In Egypt, state-led reforms and upcoming digital-only banks have accelerated digital adoption.
Vous pensez que quelqu'un d'autre devrait voir ça ?
Investir dans cette opportunité et dans d'autres opportunités à travers l'Afrique
Téléchargez l'application daba finance sur votre mobile via
Passer à l'action.
Télécharger l'application
Entrez en partenariat avec nous
Débloquez des opportunités commerciales passionnantes et un potentiel de croissance.
Rejoindre Daba
Devenez membre de notre communauté dynamique et profitez d'avantages exclusifs.
Contactez-nous
Contactez-nous pour toute demande de renseignements, assistance ou collaboration.