By OpeOluwa Okudero 
For decades, Africa’s banking sector was a male-dominated space, with few women rising to executive leadership. However, the past decade has marked a significant shift as more women break barriers, taking charge of some of the continent’s largest and most influential financial institutions.
These women are not just occupying leadership positions—they are redefining banking strategies, driving financial inclusion, and influencing economic policies. From leading multi-billion-dollar banks to championing digital transformation, their impact extends far beyond the boardroom.
Today, Africa boasts a growing list of powerful female banking executives who are shaping the future of finance. They are navigating economic challenges, leading expansion strategies, and ensuring the sector remains competitive in a rapidly evolving global economy.
This article highlights the top ten CEOs leading Africa’s banking sector—women whose leadership continues to drive transformation, resilience, and innovation across the continent’s financial landscape.
- Nneka Onyeali-Ikpe – CEO, Fidelity Bank Nigeria
Appointed as the first female Managing Director/CEO of Fidelity Bank in January 2021, Nneka Onyeali-Ikpe has been pivotal in the bank’s remarkable growth. Under her leadership, the bank’s Profit Before Tax (PBT) surged from ₦17.9 billion at the end of Q1 to an impressive ₦122 billion in 2023 and a 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This growth trajectory was further bolstered by strategic expansions, including the acquisition of Union Bank UK, enhancing Fidelity Bank’s international presence.
With a Bachelor of Laws (LLB) degree from the University of Nigeria, Nsukka, and a Master of Laws (LLM) degree from King’s College, London, she has been instrumental in the bank’s growth and expansion, particularly in driving financial inclusion and supporting small and medium-sized enterprises (SMEs). Nneka has over 32 years of experience in shaping growth and strategies and driving pivotal initiatives within the banking sector.
Her exceptional leadership has been recognised with several accolades, such as the Banker of the Year 2022 at the Leadership Annual Conference and Awards and the Best Banking CEO Nigeria 2023 by the Global Banking & Finance Awards. In 2023, she was also conferred with the national honour of Officer of the Order of the Niger (OON) by the Federal Government of Nigeria.
- Mary Mulili – CEO, UBA Kenya
In January 2024, Mary Mulili was appointed as the first female managing director/CEO of the pan-African bank UBA Kenya, coinciding with the bank’s 15th anniversary in the country. With over two decades of experience in corporate and commercial banking, she has been instrumental in driving UBA Kenya’s growth. Her leadership focuses on leveraging regional trade opportunities, digital innovation, and SME financing, aligning with the broader vision of sustainable banking.
Known as a corporate, commercial, and public sector banking expert with over 18 years of experience, she has previously worked as head of corporate and commercial banking for GTBank and ABC in Kenya, where she led new initiatives to drive business and was responsible for the setup of the inaugural cash management and transactional banking unit of GTBank Kenya. At KCB, she worked with McKinsey to design tools to improve team productivity.
Mulili’s commitment to excellence is further exemplified by her roles as a Commissioner at the Kenya Meat Commission, Chair of the Audit Committee, Board Member of the Kenya Association of Women Business Owners (KAWBO), and Vice Chair of the International Chamber of Commerce Kenya’s Banking Commission.
- Mpumi Madisa, CEO, Bidvest Group
As the first Black and African female CEO of Bidvest Group, a Johannesburg Stock Exchange top 40 company, Mpumi Madisa has been a trailblazer in the financial services industry. Since her appointment in 2019, she has championed diversity and inclusion, leading to enhanced operational efficiency and strategic partnerships that drive sustainable business growth.
Under her leadership, Bidvest reported a trading profit increase of 8.5% to R12.4 billion and revenue growth of 6.7% to R122.6 billion for the year ended June 2024. Madisa has also been instrumental in corporate social responsibility initiatives, including a R66 million investment to support South African athletes in preparation for international sporting events.
In 2023, she was ranked 94th on Fortune’s list of most powerful women, was named business leader of the year by Sunday Times, and was ranked 88th in Forbes list of the world’s 100 most power.
- Ruth Zaipuna – CEO, NMB Bank Plc (Tanzania)
Ruth Zaipuna serves as the Chief Executive Officer of NMB Bank Plc, one of Tanzania’s leading financial institutions. Under her leadership, the bank has achieved remarkable financial milestones, solidifying its position in the country’s banking sector.
In 2024, NMB Bank reported a net profit of TZS 643.8 billion, an increase from TZS 545.2 billion in 2023, leading the sector in profitability. The bank’s total revenue rose by 16% to TZS 1.6 trillion, supported by a 13% increase in net interest income and a 23% surge in non-funded income. Operational efficiency improved, with the cost-to-income ratio declining to 38%, well below the regulatory limit of 55%. Additionally, the non-performing loan ratio improved to 2.9% in 2024 from 3.2% in 2023, indicating enhanced credit quality.
Ruth Zaipuna’s strategic vision and commitment to innovation have been instrumental in driving NMB Bank’s success, contributing significantly to Tanzania’s economic development.
- Tomi Somefun – CEO, Unity Bank Nigeria
Appointed as Managing Director/Chief Executive Officer in August 2015, Tomi Somefun has been instrumental in steering Unity Bank towards growth and innovation. Under her leadership, the bank achieved a remarkable 101.89% appreciation in stock price in 2019, opening at N0.53 and closing at N1.07, leading to her recognition among the ‘Top 25 CEOs & Next Bulls Award’.
Somefun has championed financial inclusion by introducing multilingual USSD banking services in Nigeria’s three major languages, making Unity Bank the first to offer such a service. Her strategic focus on innovation and technology has enhanced the bank’s service delivery and expanded its reach.
Despite challenges, including a high volume of non-performing loans affecting the bank’s capitalisation in 2016 and 2017, Somefun’s leadership has been pivotal in navigating these issues and positioning Unity Bank as a competitive player in the Nigerian banking sector.
Additionally, the bank reported a 23% increase in deposits, reflecting growing customer confidence and a solidified market position.
As a fellow of the Institute of Chartered Accountants of Nigeria and Chartered Institute of Bankers of Nigeria, Tomi Somefun has worked with several financial and consulting firms, including KPMG.
- Miriam Olusanya – Managing Director, GTBank
Miriam Olusanya is the first woman to hold the position of Managing Director at GTBank, one of Nigeria’s leading financial institutions. Her leadership is centred on digital banking, innovation, and enhancing the customer experience. She has been instrumental in strengthening GTBank’s market presence, leveraging fintech solutions, and driving economic empowerment initiatives for individuals and businesses. In July 2021 she was offered this position and in 2023 Olusanya was conferred with the National Award of Officer of the Order of the Niger (OON) by Muhammadu Buhari. She also serves on the board of Guaranty Trust Bank Gambia Limited as a non-executive director.
In July 2021, Miriam Olusanya made history as the first female Managing Director of Guaranty Trust Bank (GTBank). With over 25 years of experience within the bank, her tenure has been marked by a commitment to digital transformation and enhancing customer experience.
Under her leadership, GTBank has maintained its position as a leading financial institution in Nigeria, with a customer base exceeding 24 million. Olusanya’s strategic initiatives have focused on leveraging technology to enhance service delivery and operational efficiency. She has been instrumental in strengthening GTBank’s market presence, leveraging fintech solutions, and driving economic empowerment initiatives for individuals and businesses.
In recognition of her outstanding contributions, she was honoured with a Lifetime Achievement Award in December 2023 by Segun Agbaje, the Group CEO of Guaranty Trust Holding Company Plc. This accolade reflects her significant impact on the bank’s growth and the broader financial industry.
- Mansa Nettey– CEO, Standard Chartered Bank Ghana
Appointed in 2017 as the first female Chief Executive Officer of Standard Chartered Bank Ghana, Mansa Nettey has been pivotal in steering the bank towards growth and inclusivity. Under her leadership, the bank has prioritised diversity and inclusion, positioning itself as a leader in promoting women’s empowerment within the financial sector.
Nettey has also been instrumental in expanding the bank’s digital banking capabilities, enhancing customer experience, and promoting financial literacy across Ghana. Her efforts have not only driven business success but have also contributed significantly to sustainable development projects within the country’s financial sector.
In recognition of her impactful leadership, Nettey received the Global Leadership Impact Award at the 5th Ghana CEO Summit, underscoring her influence and commitment to excellence in the banking industry.
Nettey’s tenure has been marked by a series of accolades for the bank, including the Excellence in Banking Innovation Award by the Digital Innovation & Excellence Awards and recognition as Africa’s Best Bank for Transformation by the Euromoney Awards for Excellence. These honours reflect the bank’s resilience and robust performance in navigating challenges within the Ghanaian banking sector.
Since her assuming the role of CEO in 2017, the bank has demonstrated notable financial growth. Total assets increased from GHS 4.3 billion in 2018 to over GHS 10 billion in 2022, reflecting a consistent upward trajectory. Additionally, loans and advances grew by 36% between 2018 and 2019, indicating an expansion in the bank’s lending activities.
In 2024, Nettey was honoured with the Global Female Leadership Impact Award at the Global Power Women Conference in New York. This prestigious award acknowledges her outstanding contributions to leadership and her dedication to advancing gender equity within the financial sector and beyond.
- Abiola Bawuah – CEO, United Bank for Africa (UBA) Africa
Abiola Bawuah made history in January 2023 by becoming the first female CEO of UBA Africa, overseeing the bank’s operations across the continent. Prior to this role, she served as the Regional CEO for West Africa, managing operations in nine subsidiaries, including Ghana, Benin, and Côte d’Ivoire.
During her tenure as CEO of UBA Ghana, Bawuah led the bank to achieve a remarkable 134% growth in profit on a yearly basis, underscoring her strategic acumen and leadership prowess. In 2023, UBA’s total assets remarkably doubled, surpassing the N10 trillion mark to close at N20.65 trillion, up from N10.86 trillion in 2022. This substantial growth underscores the bank’s robust financial performance during her tenure
Bawuah’s leadership has been recognised with several awards, including the “Most Outstanding Female in Banking” by the Business Executive at the 4th Feminine Ghana Achievement Awards.
Beyond her professional achievements, Bawuah is committed to philanthropy and women’s empowerment. She founded the Abiola Bawuah Foundation, aiming to support girl-child education in Ghana and foster future female leaders.
- Adaora Umeoji– CEO, Zenith Bank
Dr. Adaora Umeoji assumed the role of Group Managing Director and Chief Executive Officer of Zenith Bank Plc on June 1, 2024, bringing over 30 years of banking experience, including 26 years at Zenith Bank. Her tenure as Deputy Managing Director from October 28, 2016, to May 31, 2024, was instrumental in shaping the bank’s strategic direction and driving its growth. Now at the helm, she is poised to build on the solid foundation established by her predecessors.Since her appointment, Zenith Bank has demonstrated remarkable financial growth.
In the third quarter of 2024, the bank recorded a 118% year-on-year increase in gross earnings, rising from N1.33 trillion in Q3 2023 to N2.9 trillion. Profit before tax reached N727 billion in the first half of the year, reflecting strong profitability. Additionally, the bank expanded its branch network, opening five new branches by June 30, 2024, bringing the total to 452.
- Yemisi Edun—CEO, First City Monument Bank.
Yemisi Edun assumed the role of Managing Director/Chief Executive Officer of First City Monument Bank (FCMB) in July 2021, becoming the first woman to hold this position in the bank’s history. With a background in chemistry from the University of Ife and a master’s degree in international accounting and finance from the University of Liverpool, Mrs. Edun has brought a wealth of experience to the role.
Under her leadership, FCMB has achieved significant milestones, including a 72% growth in Profit Before Tax in 2022 and gross earnings of N516.8 billion in 2023, representing an 82.6% increase over the previous year. As of June 2023, FCMB reported a 37.5% increase in loans and advances to customers compared to June 2022 and a 28.85% growth relative to the end of 2022.
She was named banker of the year 2023 by the leadership newspaper following her contribution to steer First City Monument Bank FCMB towards SME financing and earning the bank international recognition for its role in facilitating credit to small businesses.
These women are not only leading banks but also transforming Africa’s financial sector. Their leadership paves the way for more women to enter the industry, creating a more diverse and dynamic banking environment. As Africa’s economy continues to grow, the contributions of female executives in banking will undoubtedly play a critical role in shaping its future.
Valentine Alexander 
Susan Olalere
Leave feedback about this