Banking in South Africa

s of ABSA, Standard Bank, and FNB (three of SA's largest commercial banks), in Cape Town Commercial banking in the country is dominated by the "big five" banks: Standard Bank, FNB, Absa, Nedbank, and Capitec. , they control nearly 90% of the sector's total assets. Other major, established South African commercial banks include Investec (an exclusively private bank). More recent entrants into the banking market include digital-only GoTyme Bank, Bank Zero, Discovery Bank, and OM Bank. As of 2025, FNB is the country's largest bank by market capitalization, at almost R500 billion. Meanwhile, Standard Bank has the highest revenue and headline earnings. Capitec has the highest return on equity at 29% - significantly higher than its main competitors. Also as of 2025, the total market capitalization of the big five banks amounts to R1.53 trillion. The table below is ranked in descending order, according to market capitalization (the total value of a public company's outstanding shares) in South African rand. Financials Banking networks Capitec has the largest branch network by far, at almost 900 in total, with the other four major commercial banks operating roughly the same number, at just over 600 each. Capitec also operates the largest ATM network, at almost twice the size of most of the other major commercial banks. The table below is ranked in descending order, according to total number of branches. ==Private banking==

Investec, a private bank, also operates in the United Kingdom. Investec maintains minimum annual salary and minimum net worth requirements in order to be eligible to open an account. Headquartered in Cape Town, Investec has (as of 2024) over 7,000 employees, and around R730 billion in assets. The big five commercial banks also offer their own private banking tiers. However, these are not as exclusive as banking with independent private-banking-only institutions, and don't carry the same prestige or the same level of personal customer service. ==Investment banking==

Aside from Investec, which also offers investment services, South Africa is home to investment firms Ninety One; Coronation; Alexforbes; Allan Gray; Old Mutual (including its subsidiary, 10X Investments); and Sanlam. ==Banking legislation and regulatory authorities==

Regulations pertaining to banking in South Africa follow a "twin peak" model, being set by two major independent entities; the Financial Sector Conduct Authority (FSCA), and the Prudential Authority (PA). This model was established as part of the 2017 Financial Sector Regulation Act (FSR Act). On the one side, the FSCA governs market conduct regulations, supervising and setting regulations for the conduct of financial institutions. On the other side, the PA governs prudential regulations. The PA is focused on the regulation and supervision of financial institutions that provide financial products or services and market infrastructure. Together, these two authorities carry out their functions in order to protect financial customers and maintain financial stability in South Africa. All banks in South Africa have to register as such, and comply with the Banks Act. The South African Reserve Bank The South African Reserve Bank (SARB), is the national monetary authority, and serves as South Africa's central bank, having been established in 1921. SARB was the fourth central bank established outside of Europe, having existed since 1921. It is headed by a Governor, a role which is currently held by Lesetja Kganyago, who succeeded Gill Marcus. SARB has, among others, the following responsibilities within its remit: • Formulating and implementing monetary policy • Issuing bank notes and coins • Controlling gold and foreign-exchange reserves • Supervising the financial services sector • Acting (independently) as banker to the South African Government • Ensuring the effective functioning of the national payment system (NPS) • Acting as lender of last resort in exceptional circumstances • Administering the country's remaining exchange controls Other entities Regulatory authorities and government entities working in the banking sector include: • Financial Intelligence Centre (FIC) • Financial Action Task Force (FATF) Legislation Legislation that governs banking in South Africa includes: • Banks Act, 1990. • Financial Sector Regulation Act, 2017. Prudential Authority within SARB. • Financial Intelligence Centre Act, 2001 and Financial Intelligence Centre. • Financial Advisory and Intermediary Services Act, 2002 (FAIS). • National Credit Act, 2005 (NCA). • Information Regulator and Protection of Personal Information Act, 2013 (POPI). • South African Reserve Bank Act 90, of 1989 • Postbank Limited Act 9, of 2010 • National Payment System Act 78, of 1998 • Companies Act 71, of 2008 The FSR Act regulates co-operation between the FSCA and PA, the SARB, the Financial Stability Oversight Committee, the National Credit Regulator, and the FIC. ==References==