Top 10 richest bank founders in Africa
Key Points
- Banking fuels Africa’s $2.8 trillion economy, with financial services playing a critical role in GDP growth, investment flows, and cross-border trade.
- Billionaire bankers shape markets, from Michiel Le Roux’s Capitec to Othman Benjelloun’s BMCE, influencing policies and expanding financial inclusion.
- Africa’s banking moguls wield power, controlling capital flows and economic stability while fintech reshapes the industry and expands access to millions.
Africa’s $2.8 trillion economy thrives on a complex web of industries, natural resources, agriculture, telecommunications, but at its core, banking drives the flow of capital, investment, and economic stability. Across the continent, financial services contribute significantly to GDP, making banks not just economic engines but gatekeepers of wealth creation and opportunity.
At the center of it all are a handful of entrepreneurs who didn’t just build banks, they built financial ecosystems that transformed their nations. From South Africa’s dominant banking institutions to the rapidly expanding financial corridors of West and North Africa, these billionaires have closed funding gaps, attracted foreign capital, and redefined access to credit. Their banks, listed on stock exchanges in Johannesburg, Lagos, and Casablanca, are critical arteries in Africa’s economic framework, facilitating cross-border trade, fueling infrastructure projects, and integrating millions into the financial system.
But their influence stretches beyond balance sheets. These financial titans don’t just respond to markets, they help shape them. Figures like Michiel Le Roux, Othman Benjelloun, and Jim Ovia have built institutions that dictate credit flows, move stock markets, and influence government policies. As fintech and digital banking reshape the industry, their banks remain at the forefront, extending financial inclusion to millions and unlocking new streams of economic mobility.
As Africa navigates shifting global markets, these banking moguls hold more than just personal fortunes, they wield power over the levers of capital, stability, and economic direction. Their wealth is not just a reflection of business success; it’s a testament to the strength and resilience of Africa’s financial sector.
Billionaires.Africa takes a closer look at the 10 richest bank founders who have defined African finance, leaving a legacy that will shape the continent’s economic landscape for generations.
- Patrice Motsepe
Nationality: South African
Bank founded: Tyme Bank
Net Worth: $3 billion
South African billionaire Patrice Motsepe, founder of African Rainbow Minerals (ARM), has solidified his standing as Southern Africa’s most successful Black entrepreneur. His influence stretches far beyond mining, with strategic investments reshaping Africa’s financial sector through African Rainbow Capital (ARC), the Black-owned investment powerhouse under his Ubuntu-Botho Investments. One of his flagship ventures, TymeBank, has emerged as one of Africa’s fastest-growing digital banks, serving over 6.2 million customers across South Africa and the Philippines. ARC reinforced its commitment to the bank’s growth with a R257 million ($15.25 million) investment in 2022, supporting its expansion and acquisition of Retail Capital, a move that strengthened its position in small-business lending. Beyond business, Motsepe’s philanthropy, deeply rooted in the principles of Ubuntu, has impacted millions. His charitable contributions include a R30 million ($2.04 million) pledge to aid flood victims in KwaZulu-Natal. His legacy continues to shape Africa’s industrial, financial, and social landscapes.
- Michiel Le Roux
Nationality: South African
Bank founded: Capitec Bank
Net Worth: $2.3 billion
Michiel Le Roux, South Africa’s wealthiest banker, co-founded Capitec Bank in 2001 and steered its evolution into a powerhouse of financial empowerment for the middle class. As Chairman from 2007 to 2016, Le Roux laid a foundation built on simplicity, accessibility, and trust that resonated with millions, transforming everyday banking. His strategic foresight not only propelled Capitec into becoming a dominant force in the Stellenbosch-based institution but also ensured its resilience in a competitive market. Le Roux’s personal fortune, anchored by an 11.39 percent stake in Capitec Bank—currently valued at over $1.2 billion—reflects his commitment to sustainable growth and innovation. His journey underscores the impact of visionary leadership in democratizing finance and fostering economic empowerment across South Africa.
- Othman Benjelloun
Nationality: Moroccan
Bank founded: BMCE Bank of Africa
Net Worth: $1.6 billion
Othman Benjelloun has built one of Africa’s most formidable financial empires. As chairman and CEO of BMCE Bank and its subsidiary, Bank of Africa, he has driven the institution’s expansion across 18 African countries, reinforcing its position as a key player in the continent’s banking sector. His leadership extends beyond Africa, with a strategic presence in Europe through a representative office in Paris. A seasoned financier, Benjelloun commands a 27.4 percent stake in Bank of Africa, holding 57,214,615 ordinary shares. Under his stewardship, BMCE Bank’s market capitalization has soared past $4 billion, cementing its status as a financial powerhouse. His influence extends beyond banking. Through RMA Watanya, he has a strong foothold in Morocco’s insurance market. Meanwhile, his strategic partnerships with Volvo and General Motors have diversified his holdings, reinforcing his stature as one of Africa’s most astute investors. His legacy is one of calculated expansion and enduring financial influence.
- Hitesh Anadkat
Nationality: Malawian
Bank Founded: FMB Capital Holdings
Net Worth: $920 million
Indian-Malawian financier Hitesh Anadkat has cemented his dominance in Malawi’s banking sector through FMB Capital Holdings, a financial powerhouse he founded in 1995. Initially launched as First Merchant Bank, the Mauritius-based firm has expanded its footprint across multiple African markets, leveraging Anadkat’s strategic foresight and aggressive expansion plans. Under his leadership, FMB Capital has evolved into Malawi’s premier financial institution, attracting investors with strong earnings and market resilience. This confidence has fueled an extraordinary 153.96 percent surge in the company’s stock in 2025, making it the top performer on the Malawi Stock Exchange (MSE). Anadkat, who holds a commanding 45.32-percent stake, amounting to 1,114,195,155 shares, has seen his fortune skyrocket. His stake is now valued at MWK 1.57 trillion ($906.17 million), a significant leap from MWK 618.38 billion ($356.82 million) at the year’s outset. This remarkable gain solidifies his status as Malawi’s wealthiest individual.
- Thom Mpinganjira
Nationality: Malawian
Bank founded: FDH Bank
Net Worth: $740 million
Thom Mpinganjira, a towering figure in Malawi’s financial sector, built his empire through FDH Bank Plc, one of the country’s largest commercial banks. Listed on the Malawi Stock Exchange (MSE), FDH Bank has been a cornerstone of his wealth and influence. Mpinganjira, through his investment vehicle M Development Ltd., holds an indirect 40.7-percent stake in the bank, now valued at MWK 1.19 trillion ($687.16 million). This immense fortune cements his status among Malawi’s wealthiest individuals. His journey to financial prominence began in 2007 when he founded FDH Financial Holdings, leading its aggressive expansion into banking, insurance, and capital markets. Under his leadership, FDH Bank became a dominant force, leveraging digital banking innovations and a strategic acquisition of Malawi Savings Bank in 2015. However, his legacy remains marred by scandal. In 2021, Mpinganjira was sentenced to nine years in prison for attempting to bribe Constitutional Court judges presiding over Malawi’s contested 2019 presidential election case. The conviction dealt a severe reputational blow, but it did little to erode his financial empire. Despite legal troubles, his influence in Malawi’s banking sector endures, with his stake in FDH Bank continuing to thrive in a rapidly evolving financial landscape.
- Laurie Dippenaar
Nationality: South African
Bank founded: FirstRand
Net Worth: $610 million
Laurie Dippenaar is a towering figure in South Africa’s financial sector, with a legacy spanning nearly five decades. In 1977, alongside GT Ferreira and Paul Harris, he co-founded Rand Consolidated Investments, a move that set the stage for the creation of FirstRand, now Africa’s most valuable financial services group. Through strategic mergers, including the 1998 combination of First National Bank, Rand Merchant Bank, and Momentum, FirstRand evolved into a powerhouse with a vast footprint across retail, corporate, and investment banking. Dippenaar’s deep-rooted influence remains evident in his 1.76% stake in FirstRand, amounting to 98,726,988 shares. With a current valuation of R7.13 billion ($377.2 million), he ranks among South Africa’s wealthiest banking figures. His leadership and investment acumen have cemented FirstRand’s dominance in the continent’s financial landscape, shaping the industry for generations to come.
- Jim Ovia
Nationality: Nigerian
Bank founded: Zenith Bank Plc
Net Worth: $550 million
Jim Ovia is the visionary founder and Chairman of Zenith Bank Plc, Nigeria’s largest commercial bank by market capitalization. With a 16.17 percent stake in the institution—equivalent to 5,077,104,311 ordinary shares—he stands as one of the most influential investors on the Nigerian Exchange. His holdings in Zenith Bank are now valued at N169.8 billion ($224.3 million), reflecting both his latest share acquisitions and a remarkable surge in the bank’s stock price. Since establishing Zenith Bank in 1990, Ovia has revolutionized Nigeria’s financial sector, introducing cutting-edge banking technology and setting industry benchmarks for corporate governance and customer service. Under his leadership, Zenith Bank has grown from a fledgling institution into a powerhouse with assets exceeding N13 trillion, cementing its dominance in Nigeria’s financial landscape. Beyond banking, Ovia’s influence extends to real estate, telecommunications, and philanthropy. With a net worth of $900 million in 2013, he remains one of Africa’s wealthiest and most strategic business leaders.
- Idrissa Nassa
Nationality: Burkinabe
Bank founded: Coris Bank International
Net Worth: $100 million
Burkinabe financier Idrissa Nassa, founder of Coris Bank International, has built one of WAEMU’s top three banking groups. From selling goods in Ouagadougou’s grand market in 1984 to leading a financial empire, his rise embodies African entrepreneurship. Since its 2008 launch, Coris Bank—63.6 percent owned by Coris Holdings—has expanded into 10 African markets, commanding 20 percent of Burkina Faso’s banking sector and 8.8 percent across WAEMU. Its flagship subsidiary, Coris Bank Burkina Faso, listed on the BRVM, remains highly profitable, reporting €90 million in net banking income and €50 million in profit in H1 2024. Coris Holding, the group’s parent entity, boasts €8.9 billion in assets and €155 million in net income, challenging heavyweights like Société Générale Côte d’Ivoire. Beyond banking, Nassa’s investments span hospitality (Sopatel), real estate, printing, and agro-food (Afridia Industries, producer of Malia juices). His family fully controls Coris Holding, with Nassa personally owning 98 percent. His leadership has cemented Coris Bank’s dominance in African finance, making him one of Burkina Faso’s wealthiest figures.
- Samuel Foyou
Nationality: Cameroonian
Bank Founded: Africa Golden Bank
Net Worth: $50 million
Cameroonian billionaire Samuel Foyou, the founder of Africa Golden Bank, has made a bold entry into the financial sector with the launch of his bank in 2024. Licensed by the Central African Banking Commission (Cobac) in 2023, Africa Golden Bank has begun limited operations in Douala, Cameroon’s economic hub. The bank’s entry marks Foyou’s expansion beyond his diversified business empire, which spans industries such as brewing, manufacturing, hospitality, and food processing under the Foyou Group. With Africa Golden Bank set to become Cameroon’s 19th licensed banking institution and the eighth controlled by domestic capital, Foyou’s influence in the local economy continues to grow. A self-made billionaire, Foyou has built his fortune through strategic acquisitions and investments, including Fermencam, Unalor, Plasticam, and Brasaf. His expansion into banking is expected to intensify competition among domestic and foreign financial institutions, benefiting consumers with greater financial product offerings. Foyou’s business acumen was further highlighted in 2021 when he unveiled Cameroon’s second five-star hotel, a CFA16 billion ($27.5 million) luxury establishment in Douala. His latest move into banking cements his position as one of Cameroon’s most powerful industrialists and entrepreneurs.
- Suresh Bhagwanji Shah
Nationality: Kenyan
Bank founded: I&M Bank Group
Net Worth: $45 million
Suresh Bhagwanji Shah, the visionary behind I&M Bank Group, has built one of East Africa’s most leading banking institutions, with a footprint spanning Kenya, Tanzania, Rwanda, and Mauritius. His 10.58 percent stake in the bank, currently valued at over $47 million, cements his status as one of Kenya’s most influential financiers. Beyond I&M Bank, Shah has strategically diversified his wealth through MTZ Holdings, an investment vehicle that plays a pivotal role in expanding financial access across the region. Under his guidance, MTZ Holdings has supported initiatives aimed at strengthening credit availability and fostering economic growth. Shah’s legacy extends beyond numbers. His leadership has transformed I&M Bank from a modest financial institution into a regional powerhouse, shaping the evolution of East Africa’s banking sector. With decades of experience, his influence continues to drive innovation, making him a defining figure in the region’s financial industry.
Crédito: Link de origem