Overview of Banks in South Africa

Last Updated on September 23, 2022 by amin


Which bank is biggest in Africa?

South Africa’s Standard Bank Group was the largest bank in Africa as of 2021, with total assets worth nearly 173 billion U.S. dollars. With operations in 20 countries in the continent, the bank group also led the African banking sector by tier 1 capital.

What are the types of banks?

Banks are divided into several sorts. The following are the different types of banks in India:

  • Central Bank.
  • Cooperative Banks.
  • Commercial Banks.
  • Regional Rural Banks (RRB)
  • Local Area Banks (LAB)
  • Specialized Banks.
  • Small Finance Banks.
  • Payments Banks.

Which bank is international in South Africa?

Foreign Controlled Banks

Institution Website
1 ABSA Bank Limited www.absa.co.za
2 Albaraka Bank Limited www.albaraka.co.za
3 Commonwealth Bank of South Africa Ltd
4 Habib Overseas Bank Limited www.habiboverseas.co.za

What is the major role of banks?

Banks, as explained, receive deposits from individuals and businesses and make loans with the money. Savings institutions are also sometimes called savings and loans or thrifts. They also take loans and make deposits.

Which bank in SA has the most clients?

Capitec Bank is now the largest bank in South Africa by far – when considering the number of clients who use it as their main bank. This is according to data from the 2017 Publisher Audience Measurement Survey (PAMS). About 9.17 million people say that Capitec Bank is their main bank.

How many sectors are there in a bank?

The Indian banking system consists of 12 public sector banks, 22 private sector banks, 46 foreign banks, 56 regional rural banks, 1485 urban cooperative banks and 96,000 rural cooperative banks in addition to cooperative credit institutions As of September 2021, the total number of ATMs in India reached 213,145.

Which bank is Absa?

Absa Group Limited

Formerly Barclays Africa Group Limited Amalgamated Banks of South Africa (ABSA)
Traded as JSE: ABG
Industry Banking, Financial services, Investment services, Insurance services
Founded April 1991
Headquarters Johannesburg, South Africa

Which is the best bank to save money in South Africa?

African Bank has mastered this savings account ahead of the rest in South Africa as the bank holds the best-fixed deposit rate in the country. The savings strategy will determine the fixed deposit account, with investing that can start from 3 months and lasting up to 60 months with interest withdrawals optional.

What is the main purpose of a bank?

Although banks do many things, their primary role is to take in fundscalled depositsfrom those with money, pool them, and lend them to those who need funds. Banks are intermediaries between depositors (who lend money to the bank) and borrowers (to whom the bank lends money).

What bank does South Africa use?

The four biggest banking groups in South Africa are Standard Bank Group, FirstRand Ltd (which operates First National Bank), Absa Group, and Nedbank Group. These four banking groups provide more than 80% of banking services in South Africa. National banks have branches across South Africa.

Overview of Banks in South Africa

What is the best bank in South Africa?

Seeing the most significant improvements in overall public net sentiment this year was Absa, having climbed the ranks both operationally and reputationally to take first place in the index.

What is the best Bank in Africa?

For another year, Zenith Bank tops the regional table for West and Central Africa in our survey of Africa’s 100 Top Banks, with tier 1 capital up 15% to $2.3bn.

How many banks do we have?

There are about 21 commercial banks in Nigeria.

Where do money made in South Africa?

All South African paper money is printed by the South African Bank Note Company (SABN), although the company’s managing director, Peter Gloster, points out in theory what is produced here is stationery. It only becomes valuable when issued by the Reserve Bank.

What is FNB known for?

As a financial institution, FNB provides personal, private, business, commercial and corporate banking services to millions of customers across South Africa.

What is the largest bank in SA?

  1. Standard Bank Group. The South African bank ranks the biggest in South Africa and even in Africa as a whole. …
  2. FirstRand. FirstRand is the second biggest bank in South Africa. …
  3. ABSA Group. …
  4. Nedbank Group. …
  5. Capitec. …
  6. Investec Bank. …
  7. African Bank Limited. …
  8. Grindrod Bank.

Who owns FNB South Africa?

How many types of banks are in South Africa?

Bank legislation in South Africa makes provision for three types of banks, namely commercial banks, mutual banks and co-operative banks. All three types of banks can take deposits, irrespective of their type.

Who owns Capitec?

Michiel Le Roux of South Africa founded Capitec Bank in 2001 and owns about an 11% stake. The bank, which trades on the Johannesburg Stock Exchange, targets South Africa’s emerging middle class.

What is the first bank in South Africa?

FNB is the oldest bank in South Africa, and can be traced back to the Eastern Province Bank formed in Grahamstown in 1838. Today, FNB trades as a division of FirstRand Bank Limited.

Which is the most stable bank in South Africa?

Big four still dominate top rankings The big four, Standard Bank (#1), Absa (#3), Nedbank (#4) and FirstRand (#6), are all in the top six of Africa’s ranking last year they were four out of the top five. The most profitable, FirstRand, is ranked on results to June 2020, compared to December 2020 for the others.

What makes Capitec unique?

In the case of Capitec Bank, its innovative technology- driven business model focuses on simplicity of transacting and paperless and cashless branches. High levels of technology are prominent in the business model.

Who owns banks in South Africa?

South African Reserve Bank

show 10 other official names:
Ownership Privately owned
Governor Lesetja Kganyago
Central bank of South Africa
Currency R ZAR (ISO 4217)

Which bank is better FNB or Capitec?

However, Capitec is the winner in the 17-transaction category with a total amount of R42. 90 for that basket of transactions. FNB’s Easy PAYU account is in second place with a total of R54.

What is Capitec slogan?

Capitec holds true to its slogan Its Banking Just Simpler by removing proof of address Cenfri.

What is the reason why South African banks need to be regulated?

South Africa has an advanced banking system, backed by a sound legal and regulatory framework that aims to secure systemic stability in the economy, to ensure institutional safety and soundness, and to promote consumer protection.

What Colour is the 200 rand note?

Fifth series

Banknotes of the South African rand (2005 Fifth Issue “English & Other Official Languages”)
Image Value Colour
[20] 50 rand Red
[21] 100 rand Blue
[22] 200 rand Orange

Which is the best bank to work for in South Africa?

The SA Reserve Bank heads the list of the employers business students view as most attractive to work for. The central bank was followed by revenue service Sars, Investec, Deloitte and Transnet in the top five.

What is banking overview?

Banking is an industry that deals with credit facilities, storage for cash, investments, and other financial transactions. The banking industry is one of the key drivers of most economies because it channels funds to borrowers with productive investments.

How banks do we have in South Africa?

According to the Prudential Authority, there are currently 31 banking entities in South Africa 18 local banks, and 13 local branches of foreign banks.

Which bank is doing well?

Best Personal Loan Banks in India 2021

ICICI Bank 10.99 16.50%
HDFC Bank 10.75 20.75%
Bajaj Finserv 11.99% onwards
IndusInd Bank 11.25% onwards
SBI 11.65% 15.05%

What is the first form of money?

The Mesopotamian shekel the first known form of currency emerged nearly 5,000 years ago. The earliest known mints date to 650 and 600 B.C. in Asia Minor, where the elites of Lydia and Ionia used stamped silver and gold coins to pay armies.

What are the 3 types of banks?

There are three major types of depository institutions in the United States. They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions.

Which is the cheapest bank in South Africa?

The chart below compares the total prices of 25 transactions on accounts with the three digital-focused banks in South Africa. For low-cost accounts at conventional banks, Absa and Capitec were the cheapest. Absa charged a total amount of R37. 10 for a basket of 12 transactions in this category’s analysis.

Who are the big 4 banks in South Africa?

The dominance of the Big Four — Standard Bank Group Ltd., Absa Group Ltd., FirstRand Ltd. and Nedbank Group Ltd.

Who Owns African bank in South Africa?

African Bank Limited, is a retail bank in South Africa, that offers financial products and services.


Rank Name of Owner Percentage Ownership
1 South African Reserve Bank (SARB) 50.00
2 Government Employees Pension Fund (GEPF) 25.00
3 FirstRand Bank Limited 7.00
4 Standard Bank of South Africa Limited 6.00

What are the 3 main functions of a bank?

Functions of Commercial Banks: – Primary functions include accepting deposits, granting loans, advances, cash, credit, overdraft and discounting of bills. – Secondary functions include issuing letter of credit, undertaking safe custody of valuables, providing consumer finance, educational loans, etc.

Who makes South African money?

Production. The Currency Management Department works with its subsidiaries namely, the South African Mint Company (RF) Proprietary Limited (SA Mint), which mints coins, and the South African Bank Note Company (RF) Proprietary Limited (SABN), which prints banknotes. Both are subsidiaries of the SARB.

What are the 5 functions of banks?

Top 5 Functions Performed by Commercial Banks Discussed!

  • (a) Accepting Deposits:
  • (b) Advancing Loans:
  • (c) Discounting Bills of Exchange or Hundies:
  • (d) Transfer of Money:
  • (e) Miscellaneous Functions:

What are the 4 types of bank?

What are some different types of banks?

  • Retail banks. Retail banks, also known as consumer banks, are commercial banks that offer consumer and personal banking services to the general public. …
  • Commercial banks. …
  • Community development banks. …
  • Investment banks. …
  • Online and neobanks. …
  • Credit unions. …
  • Savings and loan associations.

What does FNB stand for?


Acronym Definition
FNB First National Bank
FNB Food and Nutrition Board (Institute of Medicine, National Academy of Sciences)
FNB Food Not Bombs
FNB Fine Needle Biopsy

Which bank is the best in South Africa and why?

Consulta polled almost 12,500 customers on their overall satisfaction with South Africa’s big six retail banks. On overall customer satisfaction, Capitec (84.7 out of 100) scored best, followed by African Bank (83.4), Nedbank (81.1), and FNB (80.2).

Which is the best bank in South Africa 2021?

South Africa’s top five banks ranked by Tier 1 capital and performance

  • Standard Bank Group. Tier 1 capital. Overall performance. …
  • FirstRand. Tier 1 capital. Overall performance.
  • Absa Group. Tier 1 capital. Overall performance.
  • Nedbank Group. Tier 1 capital. Overall performance. …
  • Investec South Africa. Tier 1 capital.