Africa's Top Banks 2026: Egypt and Morocco power North Africa

North Africa remains Africa's most dominant banking region, holding over 46% of the continent's total capital. Egypt and Morocco are the key contributors to this regional strength, particularly in the higher tiers of our rankings. Egyptian banks are striking in their scale, with National Bank of Egypt boasting $160.1bn in assets and Banque Misr at $82.5bn. Together, their combined balance sheet exceeds that of many entire African banking sectors.

Morocco's banking sector is also formidable, with seven banks occupying places in our North African Top 20 list, while Algeria and Tunisia contribute fewer institutions. The Egyptian economy has undergone painful reforms and experienced inflation as high as 28.3% in 2024, but growth has rebounded. The IMF forecasts a 4.4% GDP growth for 2025, up from 2.4% in 2024, and projects 4.2% growth this year.

Egyptian banks have prospered due to high nominal interest rates, yet they still confront challenges such as currency volatility and substantial government financing needs. Morocco's institutions are among the top five in North Africa, with Attijariwafa leading the region, followed by Banque Centrale Populaire (BCP) and Bank of Africa-BMCE. Their success is attributed to their early adoption of cross-border expansion, enabling access to emerging markets.

Algeria plays a crucial role as the third pillar of North African banking strength, despite limited international exposure. Banque Extérieure d'Algérie, Banque Nationale d'Algérie, and Crédit Populaire d'Algérie hold the 6th through 10th positions, respectively. While Tunisia's banking sector is less prominent, Banque Internationale Arabe de Tunisie ranks 17th with $980m in assets.

Will more North African banks follow Morocco's model of expansion into sub-Saharan Africa? Egyptian banks are already venturing abroad, with CIB expanding in Kenya, Banque Misr in Djibouti, and Banque du Caire in Uganda, but their presence remains modest for now.