Côte d’Ivoire’s Banking Sector Shakes Up the Rankings: Top 5 Banks of 2024 Revealed

The Ivorian banking industry closed 2024 with notable changes at the top of its leaderboard, highlighting both resilience and fierce competition among financial institutions. According to the 2024 annual report of the UMOA Banking Commission, five banks now dominate the market, accounting for half of the country’s total consolidated assets.

Société Générale Still on Top

Société Générale Côte d’Ivoire has once again confirmed its dominance. With a balance sheet totaling 3,615 billion FCFA, the French-backed institution retains its number one spot, continuing to set the pace for competitors.

NSIA Banque Moves Up

One of the year’s major developments is the rise of NSIA Banque, which advanced from third to second place. With 2,532 billion FCFA in assets, the bank reinforced its ambitions to become a stronger player in the Ivorian market.

BNI’s Spectacular Leap

The most remarkable performance came from the Banque Nationale d’Investissement (BNI). Long considered a challenger, BNI climbed from fifth to third place in just one year, ending 2024 with 2,359 billion FCFA in total assets.

Setbacks for BACI and Ecobank

Not all players benefited from the reshuffle. Banque Atlantique Côte d’Ivoire (BACI) slipped from second to fourth place despite solid assets of 2,290 billion FCFA. Meanwhile, Ecobank Côte d’Ivoire, which held fourth place in 2023, dropped to fifth with 2,047 billion FCFA but managed to remain within the country’s top five.

A Sector on the Rise

Altogether, the top five institutions represent a consolidated 12,845 billion FCFA, or 50% of Côte d’Ivoire’s total banking assets (25,504 billion FCFA). This concentration underscores the weight of the sector’s leading players in a country that hosts 28 active banks.

Regional Outlook

The influence of Ivorian banks extends beyond national borders. At the West African Economic and Monetary Union (UMOA) level, the Ivorian top five account for 18% of the consolidated total assets of 135 banks.

In comparison:

• In Senegal, the region’s second-largest banking market, the five leading banks consolidate 6,119 billion FCFA, or 45% of the country’s assets.
• In Burkina Faso, ranked third, the top five control 5,975 billion FCFA, representing a striking 63% of the total assets of its 16 banks.

A Dynamic but Concentrated Industry

The 2024 ranking confirms Côte d’Ivoire’s status as the financial hub of the UMOA. The sector is both dynamic and increasingly concentrated around a few key players, setting the stage for tougher competition in the years to come.