First Bank(US:FRBA) African Business·2025-10-16 03:00Group 1: Banking Sector Overview - The total Tier 1 capital of West and Central Africa's Top 20 banks has decreased from $15.6 billion to $14.9 billion over the past year, indicating struggles within the region's banks [1] - There are currently 12 Nigerian banks in the regional ranking, a decrease of one from the previous year, with representation from Côte d'Ivoire, Ghana, Togo, Gabon, and DR Congo [1] Group 2: Bank Rankings - Access Bank has surpassed FBN Holdings to become the largest bank in the region, while FBN has dropped to third place after being overtaken by Zenith Bank [2] - Ecobank Transnational remains the largest non-Nigerian bank in the ranking, followed by BGFI Gabon, which saw a significant increase in capital from $844 million to $1.3 billion [2] Group 3: Regulatory Changes and Consolidation - The Central Bank of Nigeria (CBN) has introduced new capital requirements, setting a two-year deadline for banks with international operations to achieve a minimum capital level of 500 billion naira ($333 million) [3] - Current market pressures have led to further consolidation in the Nigerian banking sector, exemplified by the merger of Union Bank of Nigeria and Titan Trust Bank, with UBN's capital falling from $577 million to $264 million [4] Group 4: Regional Banking Challenges - Central Africa is identified as the weakest part of the continent's banking ecosystem, with an over-reliance on raw material exports and limited private sector development [5] Group 5: Individual Bank Performance - Rawbank's net profit for 2024 reached $212.7 million, an 11% increase from the previous year, driven by a 34% rise in lending to $2.08 billion [6] - The bank's digital platform, IllicoCash, saw a 75% increase in customers, particularly from areas affected by security issues in eastern DR Congo [6] - Rawbank is considering acquisitions outside the country to diversify revenue sources and support expansion [6]