The Nigerian banking sector shone at the Euromoney Awards for Excellence 2025, with the ceremony taking place on July 17th in London. Two heavyweights of the country, Zenith Bank Plc and Wema Bank, were recognized, showcasing the strength and innovation of the Nigerian financial system on the international stage.
Zenith Bank was awarded the prestigious title of “Best Bank in Nigeria”. This award reflects its outstanding performance, commitment to excellence, and ability to generate significant value for its customers and shareholders. The bank stands out for its consistency: leading in Tier-1 Capital for the sixteenth consecutive year according to The Banker’s 2025 ranking, it also accumulates multiple awards related to corporate governance, sustainability, and digital innovation.
At the same time, Wema Bank was awarded “Best Digital Bank in Nigeria”, thanks to its ALAT platform, the first fully digital bank in Africa. Since its launch in 2017, ALAT has transformed access to financial services by offering a comprehensive range of services, including transfers, payments, loans, and lifestyle-related services, accessible to a wide clientele.
“Winning this award confirms that our digital strategy driven by ALAT is on the right track. The Nigerian banking sector is undergoing significant changes, and innovation is essential to meet the needs of a young and connected population,” said Moruf Oseni, Managing Director of Wema Bank.
A robust banking sector
The Nigerian banking sector, the largest in Africa in terms of assets, continues to undergo profound transformation due to digitization, regulatory reforms, and sustained economic growth. By the end of 2024, total assets of Nigerian banks exceeded 60 trillion nairas (130 billion USD), up by nearly 8% compared to the previous year. The sector currently has 22 commercial banks, employing over 150,000 people.
The average Tier 1 capital ratio of Nigerian banks remains strong, around 15%, well above the regulatory threshold of 10%, demonstrating their financial strength. The non-performing loan ratio has improved, decreasing from 6.5% in 2022 to 5.2% by the end of 2024, reflecting better risk management.
Furthermore, digitization is experiencing significant acceleration, with over 70% of banking transactions now conducted through digital channels, experiencing strong growth in mobile services and fintech platforms. This momentum is promoting increased financial inclusion in a country where nearly 40% of the population remains unbanked.
