Kenyan banks have lost their position among Africa’s fastest-growing lenders, with KCB Group and Equity Group slipping in the continental rankings after a stable shilling limited the dollar-denominated gains that boosted their positions in the previous year.
The latest financial publication , shows KCB Group falling two places to 15th in Africa, while Equity Group dropped to 17th. Both lenders, however, improved their global positions, highlighting the difference between their performance relative to international peers and their standing within the continent.
Last year, four Kenyan lenders featured among Africa’s fastest-growing banks, led by KCB Group, followed by Co-operative Bank, Equity Group and NCBA. This year, none of the Kenyan lenders made the continent’s top 10 highest movers in the ranking.
The report attributed much of the change to currency movements. In 2024, the strengthening of the Kenyan shilling against the US dollar boosted the dollar value of banks’ capital and other financial measures. The shilling remained relatively stable in 2025, meaning Kenyan lenders did not receive the same currency-related boost as banks in countries whose currencies appreciated.
Despite the ranking changes, most Kenyan lenders recorded increases in Tier 1 capital, assets and pre-tax profits. Standard Chartered Bank Kenya was the exception cited in the report, having recorded a decline in its capital position.
Globally, KCB rose to position 542 from 590, while Equity improved to 573 from 590. I&M Bank also entered the list of the world’s 1,000 largest banks at position 945. Co-operative Bank ranked 842, while NCBA came in at 924.
The rankings assess banks using indicators including Tier 1 capital, profitability, operational efficiency, asset quality, liquidity and returns on risk. The results therefore reflect a combination of financial strength and performance rather than lending growth alone.
Kenyan lenders also missed out on the list of African banks with the highest return on assets, a measure of how efficiently a bank uses its assets to generate profits. The change partly to narrower interest spreads in Kenya, which can affect the returns banks earn from lending relative to funding costs.
Banks in Nigeria, Egypt and Morocco gained ground, supported in part by stronger local currencies against the US dollar. Nigerian lenders also raised substantial equity after the country’s central bank increased minimum capital requirements, lifting their Tier 1 capital measured in dollars.
The changing rankings come as competition in African banking intensifies. Several foreign lenders are expanding across the continent, including Access Bank and Zenith Bank, which have entered Kenya through acquisitions.
For Kenyan banks, maintaining regional competitiveness will depend on strengthening capital, managing risk, improving efficiency and expanding revenue. The latest rankings show that while the country’s lenders remain significant players, currency movements and the pace of growth elsewhere can alter their position in continental comparisons.
