7 Banks Backed by African Billionaires

Africa’s banking sector is evolving fast, and at the heart of this transformation are billionaires who are not just investing in banks but actively shaping their future. 

From Nigeria to South Africa and Morocco, these financial powerhouses are expanding access to banking, funding major projects, and pushing the continent toward a more digital and globally competitive financial system.

Here’s a look at seven banks backed by some of Africa’s wealthiest and most influential figures.

FirstBank (Nigeria) – Backed by Femi OtedolaAs Nigeria’s oldest and one of its most respected financial institutions, FirstBank has remained a major player in the banking space for over 130 years. The bank’s influence grew even stronger when billionaire businessman Femi Otedola became its largest shareholder. 

Otedola, known for his strategic investments in energy and finance, has been instrumental in reshaping FirstBank’s operations.

Under his leadership, FirstBank is expanding aggressively, embracing digital banking, and working on major projects like its 44-story headquarters in Lagos. The bank’s assets are growing steadily, reinforcing its position as one of the top lenders in Nigeria and across West Africa.

FirstRand (South Africa) – Johann RupertSouth African billionaire Johann Rupert holds a major stake in FirstRand, Africa’s most valuable bank. With a market capitalization in the billions, FirstRand is a key player in Africa’s financial services, with operations spanning banking, asset management, and insurance.

Rupert’s backing has strengthened the bank’s global footprint, making it a go-to lender for businesses and individuals alike. The bank has also focused on sustainability, recently securing a major loan to fund green energy and affordable housing projects.

United Bank for Africa (UBA) – Aliko DangoteAliko Dangote, Africa’s richest man, has a stake in UBA, a pan-African bank with operations across 24 countries. While Dangote’s investment in UBA is relatively small compared to his vast empire in cement, sugar, and manufacturing, his influence in Nigeria’s business ecosystem makes his connection to the bank significant.

UBA continues to expand across Africa, offering innovative financial services and supporting businesses through trade financing and infrastructure funding. The bank is also making inroads in global financial markets, with operations in the UK, France, and the US.

Sterling Bank (Nigeria) – Mike AdenugaBillionaire businessman Mike Adenuga, best known for his success in telecoms with Globacom, also has a stake in Sterling Bank. Through its parent company, Sterling Financial Holdings, the bank is gaining prominence in Nigeria’s financial landscape.

Sterling Bank has embraced digital banking and alternative financing, including non-interest banking solutions. With Adenuga’s backing, the bank is strengthening its position and expanding its services to meet the needs of a rapidly growing customer base.

Capitec Bank (South Africa) – Michiel Le RouxCapitec Bank is one of South Africa’s most successful retail banks, and billionaire Michiel Le Roux is the man behind its rise. Founded in 2001, Capitec has grown into a banking giant, offering simple and affordable banking solutions for millions of South Africans.

Le Roux’s vision has always been about making banking accessible, and today, Capitec serves over 23 million clients. The bank’s success is built on innovation, digital services, and a customer-focused approach that continues to attract new users.

TymeBank (South Africa) – Patrice MotsepemotsPatrice MotsepeSouth Africa’s first fully digital bank, TymeBank, has billionaire Patrice Motsepe as one of its key backers. Through African Rainbow Capital, Motsepe has played a vital role in the bank’s rapid growth.

TymeBank has revolutionized banking in South Africa by offering branchless, low-cost services. Recently, it secured a major investment from Nubank, pushing its valuation to $1.5 billion. With Motsepe’s influence and growing customer trust, TymeBank is now setting its sights on wealthier clients, further expanding its reach.

Bank of Africa (Morocco) – Othman BenjellounMoroccan billionaire Othman Benjelloun is a major force behind Bank of Africa, one of the continent’s most influential financial institutions. With operations in over 18 African countries, the bank plays a key role in funding trade, infrastructure, and small businesses.

Benjelloun’s leadership has helped the bank strengthen its market position, and its focus on digital transformation is making banking more accessible to millions. With its continued expansion and strategic partnerships, Bank of Africa remains a pillar of financial growth in North Africa and beyond.