Table of Contents
Key Points
- Billionaire-backed banks in Africa are reshaping finance, driving expansion, digital banking, and financial inclusion from Lagos to Johannesburg and Casablanca.
- Nigerian billionaire Femi Otedola and South Africa’s Michiel Le Roux lead banks transforming corporate finance and digital banking across the continent.
- Africa’s billionaire-backed banks are bridging financial gaps, funding infrastructure, and adapting to economic shifts, reinforcing their role in the region’s financial future.
Africa’s banking industry is entering a new phase—one shaped not just by economic shifts and policy , but by a handful of billionaires redefining finance across the continent. From Lagos to Johannesburg and Casablanca, African billionaires aren’t just backing banks; they are driving expansion, increasing financial access, and pushing African banking onto the global stage.
With deep pockets and a sharp eye for opportunity, billionaire-backed banks are making a mark in corporate finance, wealth management, and financial inclusion. In West Africa, Nigerian billionaire Femi Otedola has strengthened FirstHoldCo, the parent company of First Bank of Nigeria, solidifying its position as one of the country’s financial powerhouses. In Southern Africa, South African billionaire Michiel Le Roux has turned Capitec into a banking giant, serving over 22 million customers and reshaping retail banking in the process.
But their impact goes beyond the bottom line. These banks are bridging financial gaps, driving the shift to digital banking, and funding infrastructure projects that will shape Africa’s next phase of economic growth. Together, they are among the most influential financial institutions on the continent, playing a critical role in the region’s economic transformation.
As Africa’s economy continues to evolve, these banks will remain at the forefront—adapting to new challenges, shaping financial services, and reinforcing their role as the backbone of the continent’s financial future. Here are seven billionaire-backed banks leading the way.
1. FirstBank
Backed by Femi Otedola
Country: Nigeria
First HoldCo Plc (FirstHoldCo), the parent company of Nigeria’s oldest and most influential financial institution, First Bank of Nigeria Limited, is strengthening its position under the leadership of billionaire investor Femi Otedola. Founded 130 years ago, FirstBank remains a major player in West Africa’s financial sector, driving digital banking and financial inclusion, especially in underserved markets. Otedola, known as a powerhouse in Nigeria’s financial markets, has a net worth exceeding $1.7 billion and holds a 13.16 percent stake in FirstHoldCo, formerly FBN Holdings. As both major shareholder and chairman, he has reshaped the bank’s strategy, driving expansion and innovation. The bank is making bold moves to solidify its dominance. It is constructing a 44-story headquarters in Eko Atlantic City, Lagos, which will be one of Africa’s tallest building. At the same time, its aggressive regional expansion is positioning it as a leading force in African finance. Financially, FirstHoldCo is stronger than ever. In 2024, it reported gross earnings exceeding $2 billion, with total assets rising to $17.46 billion. Under Otedola’s leadership, FirstHoldCo’s market capitalization has reached N1.02 trillion ($661 million). With its continued growth, the company is on track to reclaim the $1 billion market cap it achieved before the naira’s devaluation, cementing its status as one of Nigeria’s leading lenders.
2. FirstRand
Backed by Johann Rupert
Country: South Africa
Johann Rupert, South Africa’s richest man, holds a $146 million stake in FirstRand, Africa’s most valuable lender. The investment is part of his $15.8 billion fortune. FirstRand was co-founded in 1977 by South African billionaire Laurie Dippenaar and has grown into a dominant force in Africa’s financial sector, with a market capitalization of $23 billion. Under Dippenaar’s leadership, the bank expanded its reach across the continent, offering a wide range of financial services. His impact extends beyond banking—through the FirstRand Laurie Dippenaar Scholarship, he has supported emerging African talent for years. In May 2024, FirstRand secured a $250 million loan from the International Finance Corporation (IFC) to fund green building projects and affordable housing, reinforcing its commitment to sustainable development. The bank has also strengthened its presence in intra-African trade through a strategic partnership with Proparco, becoming the first Southern African lender to join the Trade Finance Guarantee Program. Dippenaar, who co-founded Rand Consolidated Investing—an early iteration of FirstRand—still maintains a 1.76 percent stake in the company, worth R7.37 billion ($406.8 million). The bank’s latest financial results reflect its steady growth. For the half-year ending Dec. 31, 2024, it reported a profit of R22.53 billion ($1.23 billion), up from R20.55 billion ($1.12 billion) a year earlier. Total assets climbed to R2.54 trillion ($138.8 billion), compared to R2.37 trillion ($129.5 billion) in 2023.
3. United Bank for Africa (UBA)
Backed by Aliko Dangote
Country: Nigeria
According to the Bloomberg Billionaires Index, Africa’s richest man, Aliko Dangote, holds a minority stake in United Bank for Africa (UBA) worth over $350,000. However, this has yet to appear in the bank’s financial reports—unsurprising, given Dangote’s tendency to keep his investments outside the Dangote empire private. UBA is one of Nigeria’s leading financial institutions, with operations spanning 24 countries across four continents, including key markets like the UK, the United States, France, and the United Arab Emirates. While many Nigerian financial services providers saw their profits double in 2024, UBA, which has yet to release its full-year results, reported a more modest 16.9 percent increase for the first nine months of the year. Profit rose from N449.3 billion ($274.84 million) in the same period last year to N525.31 billion ($320.9 million). The bank faced rising costs, with other operating expenses surging to N553 billion ($360 million), up from N237 billion ($154 million). Despite cost pressures, UBA’s balance sheet grew stronger. Total assets jumped from N20.65 trillion ($12.38 billion) at the end of 2023 to N31.8 trillion ($19.37 billion) by September 2024. Retained earnings also climbed from N919.87 billion ($551.25 million) to N1.31 trillion ($795.13 million), while loans to customers expanded to N7.68 trillion ($4.7 billion), underscoring the bank’s continued role in supporting businesses and individuals across Africa.
4. Sterling Bank
Backed by Mike Adenuga
Country: Nigeria
Nigerian billionaire Mike Adenuga has made a lasting mark on Africa’s business landscape, with investments spanning telecommunications, oil and gas, banking, and construction. Among his many holdings, he owns a 3.56 percent stake in Sterling Financial Holdings Company, the parent company of Sterling Bank PLC, a full-service national commercial bank licensed by the Central Bank of Nigeria. Sterling Financial Holdings continues to expand its footprint through subsidiaries like Sterling Bank and The Alternative Bank, its pioneering non-interest banking (NIB) division. In 2024, the lender saw a sharp rise in interest income, jumping from N156.1 billion ($101.6 million) in 2023 to N260.8 billion ($170 million). Profits also surged from N22.7 billion ($14.8 million) to N37.52 billion ($24.4 million). This strong financial performance led to a significant boost in total assets, growing from N2.53 trillion ($1.65 billion) at the end of 2023 to N3.52 trillion ($2.3 billion) by the close of 2024. Retained earnings also climbed from N42.5 billion ($28 million) to N71.8 billion ($47 million), reinforcing Sterling Financial Holdings’ position as a rising force in Nigeria’s banking sector.
5. Capitec Bank
Backed by Michiel Le Roux
Country: South Africa
Founded in 2001 by Michiel Le Roux, Jannie Mouton, and Riaan Stassen, Capitec Bank has grown into one of the world’s top retail banking brands. With more than 850 branches and 7,400 ATMs across South Africa, it has reshaped the country’s financial sector by making banking simpler and more affordable. Le Roux, whose net worth is $2.2 billion, holds an 11.36 percent stake in Capitec. His vision of providing accessible banking for the emerging middle class has driven the bank’s rapid expansion, now serving over 23 million clients. Today, Capitec’s market capitalization stands at R358 billion ($19.76 billion), making it one of South Africa’s most valuable financial institutions. As part of its push to modernize, Capitec has partnered with Cisco to roll out the Meraki Cloud Managed Networking solution across its branches. This investment reflects its focus on innovation and digital banking. Despite global economic pressures, the bank’s financial performance remains strong, with a 36.8 percent rise in profit for the first half of its 2025 fiscal year, reaching R6.43 billion ($369.44 million). With a growing customer base and continued investment in technology, Capitec is redefining banking in South Africa—one step at a time.
6. TymeBank
Backed by Patrice Motsepe
Country: South Africa
TymeBank, South Africa’s leading digital lender, has cemented its place as a fintech powerhouse after securing a $250 million investment from Brazilian digital banking giant Nubank. The deal pushes TymeBank’s valuation to $1.5 billion and marks another milestone for the bank, which became profitable in December 2023. Backed by billionaire Patrice Motsepe’s African Rainbow Capital, TymeBank has grown its customer base to more than 12.4 million—9.2 million in South Africa and 3.2 million through its Philippine arm, GoTymeBank. Strong customer retention and rising transaction volumes point to steady growth, as the bank moves beyond its traditional mass-market focus to attract wealthier clients. Motsepe, whose net worth stands at $3 billion, became Africa’s first Black billionaire in 2008 and has since expanded his influence across business and sports. While he maintains a significant stake in TymeBank through African Rainbow Capital, the bank remains committed to financial inclusion, providing accessible banking solutions to underserved communities in South Africa and the Philippines. Now, it is setting its sights on the premium banking sector, signaling the next stage of its expansion.
7. Bank of Africa
Backed by Othman Benjelloun
Country: Morocco
Moroccan billionaire banker Othman Benjelloun has long been a key player in Africa’s financial sector. As the chairman and largest shareholder of BMCE Bank of Africa, he has helped expand its reach across 18 African countries. Through its subsidiary, Bank of Africa, the multinational lender also maintains a strategic presence in Paris, strengthening its role in trade, infrastructure, and SME financing. Benjelloun holds a 27.4 percent stake in the bank, securing his influence in Morocco’s financial sector. His net worth is estimated at $1.6 billion. Bank of Africa reported a 31.4 percent increase in first-half 2024 profit, reaching MAD2.73 billion ($277.76 million), driven by strong core banking operations. The group's market capitalization stands at MAD 42.08 billion ($4.37 billion), a sign of its growing presence and investor confidence.
