The banking sector in Western Africa consists of 106 banks and 13 financial institutions, which together account for 90% of the assets in the financial system, which is 54% of total GDP. Five banks account for 50% of financial system assets. Ownership of the banks is becoming foreign and this contributes to higher competition with government owned banks. Non-bank financial institutions are also in the rise, particularly insurance companies. Microfinance institutions, though relatively small are also in the rise.