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 been key drivers for the continent’s banks. Many banks in sub-Saharan Africa are constrained by “persistent inflation and currency pressure, affecting credit demand and provisioning needs,” the report noted, but vast opportunities exist to leverage data to unlock underserved large youth and small business populations, meaning room for more growth for African banks.