June 18 (THEWILL) — Standard Bank Group, Africa’s largest lender by assets, is intensifying its focus on Nigeria and four other strategic African markets as it seeks to tap into an estimated 250 billion rand ($15.4 billion) revenue opportunity driven by expanding intra-African trade and the rapid growth of small and medium-sized enterprises (SMEs).
The bank’s Business and Commercial Banking (BCB) division identified Nigeria, Ghana, Kenya, Uganda, and Tanzania as priority growth markets alongside its home base of South Africa.
Together, these countries account for about 85 percent of the estimated revenue pool available to the division.
Speaking in an interview with Bloomberg, Bill Blackie, Chief Executive Officer of Standard Bank’s BCB division, said the lender is pursuing an ambitious growth strategy through 2028, underpinned by rising demand for banking services among businesses across the continent.
According to Blackie, the division has recorded strong performance over the past five years, doubling both headline earnings and return on capital since 2020.
“From 2020 to 2025, we have doubled headline earnings and doubled the return on capital in the business from 19 percent to 38 percent, ” he said, noting that earnings across the bank’s African operations grew by an average of 30 percent annually during the period.
While expanding across high-growth African markets, Standard Bank also plans to consolidate its position in South Africa, where competition among lenders continues to intensify.
The lender is targeting annual compounded growth of between 8 percent and 9 percent through 2028, with expectations that growth could accelerate into double digits as opportunities from regional trade deepen.
Central to the strategy is increased support for SMEs and mid-sized businesses, segments that dominate Africa’s business landscape.
Standard Bank, which operates in 21 African countries, expects the African Continental Free Trade Area (AfCFTA) to boost demand for trade finance, payments, foreign exchange, and cash-management services, creating new growth avenues across the continent.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
