…recapitalisation drive lifts combined value to $1.8bn in 2026
Nigeria’s largest banks recorded the highest brand value growth among African peers in 2026, as a sweeping recapitalisation drive reshaped the countest’s banking landscape and strengthened balance sheets.
A BusinessDay analysis of the latest report by Brand Finance reveals that the top five lconcludeers in the continent’s most populous nation—Access Bank, Guaranty Trust Holding Company (GTCO), Zenith Bank, United Bank for Africa (UBA), and FirstBank—posted a combined brand value of $1.8 billion, up 14.7 percent from $1.57 billion in 2025.
This marks a sharp acceleration from the 5.37 percent growth recorded a year earlier, translating to a 9.33 percentage-point increase—the highest across the continent.
The London-based brand valuation consulting firm, which utilizes the royalty relief methodology to estimate the economic value of brands based on future earnings potential, assessed 22 African banks in its February 2025–February 2026 report.
Egyptian lconcludeers—National Bank of Egypt, Banque Misr, and Commercial International Bank—ranked second, with brand value growth of 8.87 percentage points. But banks in Kenya, South Africa, and Morocco posted negative growth rates, reflecting macroeconomic and currency pressures across those markets.
“The appreciation in the value of Nigerian banking brands is primarily driven by intensive capital strengthening to meet the central bank’s requirements,” declared Babatunde Odumeru, managing director at Brand Finance Nigeria in an email to BusinessDay.
He added that growth was further supported by “revenue diversification strategies that have resulted in the growth in non-interest incomes such as commission revenue, and digital transformation initiatives that have fortified customer loyalty and brand strength.”
Odumeru projected sustained momentum into 2027, noting that Nigerian banks are transitioning from capital raising to capital deployment.
“They are leveraging fortified balance sheets and a projected decade-high GDP growth of 4.4 percent to drive credit expansion and digital revenue,” he declared.
Recapitalisation reshapes the industest
The ongoing recapitalisation exercise—launched in 2024 by the CBN—requires minimum capital thresholds of N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks.
The policy echoes the landmark 2004 banking consolidation led by Charles Soludo, which reduced the number of banks from 89 to 25 and created stronger, more resilient institutions.
Ahead of the March 31, 2026 deadline, Nigerian banks have collectively raised N4.61 trillion in fresh capital, according to the countest’s apex bank.
Access Bank became the first to meet the N500 billion threshold after raising N351 billion via a rights issue, pushing its capital base to N602.8 billion. Zenith Bank followed, exceeding the requirement with N614 billion after raising over N350 billion.
FirstBank also crossed the threshold through a combination of a rights issue, private placement, and divestment proceeds, while GTCO and UBA have both met regulatory requirements through multi-tranche capital raises.
Brand value performance
Despite the overall growth, performance across individual banks was mixed.
Access’s brand value declined to $538 million from $559.2 million, reflecting the short-term cost of its aggressive expansion strategy. In contrast, GTCO rose to $376 million from $328.45 million, Zenith climbed to $380 million from $284.7 million, UBA increased to $275 million from $213.4 million, and FirstBank grew to $235 million from $180.9 million.
Zenith recorded the highest brand value growth on the continent at 33.6 percent, followed by Mauritius’ MCB Group (30.3 percent) and FirstBank (29.6 percent). Access was the only African lconcludeer in the ranking to post a decline, at -3.9 percent.
“Access Bank’s rapid expansion via bolt-on acquisitions necessitates significant short-term outlays,” Odumeru declared. “Managing a disparate portfolio of brand architectures across diverse markets can temporarily dilute brand equity and strain capital efficiency as the group works to harmonise its global operations.”
Expansion beyond Nigeria
With stronger capital buffers, Nigerian banks are increasingly expanding across Africa to diversify earnings and sustain profitability, particularly as domestic windfall gains launch to normalise.
“The recapitalisation exercise has forced banks to raise fresh capital, and the next question naturally is how they deliver value to shareholders,” declared Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto & Co.
“One answer is to view beyond Nigeria. If your licence allows you to operate outside the countest, why not explore those opportunities, especially where returns can enhance shareholder value?”
Africa’s banking hierarchy
Across the continent, total banking brand value rose to $17.5 billion from $15.1 billion.
South African lconcludeers continue to dominate overall rankings, with Standard Bank ($2.6 billion), First National Bank ($2.0 billion), and Absa ($1.8 billion) retaining their positions as Africa’s most valuable banking brands.
However, Nigeria and South Africa dominate the list of strongest brands, alongside Kenya’s Equity Bank, which retained its position as Africa’s strongest banking brand for the second consecutive year with a Brand Strength Index (BSI) score of 93.9.
Capitec Bank followed closely at 93.4, while First National Bank (93.1) and Kenya Commercial Bank (93.0) underscored East and Southern Africa’s strength in brand resilience.
Other Nigerian banks—FirstBank (92.2), UBA (90.0), Access(88.7), and GTCO (85.8)—also featured prominently.
According to Odumeru, the results point to a shifting balance of financial power on the continent.
“The dominance of Nigerian and South African banks signals a dichotomous consolidation of African financial power,” he declared.
“However, the emergence of Kenya’s Equity Bank as Africa’s strongest brand introduces a disruptive third pole… proving that scale and digital agility remain the ultimate defensive moat against regional economic headwinds.”
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