Banking, the network of institutions and laws that provide a great variety of financial services is an indispensable aspect of our everyday life. With the world going digital, we can make transactions from the corners of our room and anywhere we are. Banks offer services from very simple ones such as bill payments to much more advanced services such as credit facilities and loans. South African Banks are among the biggest banking corporations in the entire African continent. The existence of these banking institutions in South Africa has attracted investment globally and locally.
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What bank is the best in South Africa?
As of 2011, the top five best banks in Africa continent were from South Africa. They included Standard Bank Group, Absa group, FirstRand bank group, Nedbank group and Investec group, but currently, Capitec Bank Group is overtaking Nedbank group.
While some banks offer the best services, a few others have zero customer services. The top banks offering excellent banking services to South Africans are discussed below.
Top 10 Best South African Banks in 2019
1. Standard bank
This is one of the highly rated and recognized banking institutions in South Africa and the whole of African. Since its inception, it has celebrated over 150 years of impeccable service. The banking group is made up of three excellent units offering banking services to South Africans. The units making up the group are, Personal and Business Banking, Corporate and Investment banking and Liberty Holdings Limited. It offers different services and products. Among the many services it offers to its clients are banking, borrowing in terms of loans, insuring their clients, investment opportunities and more importantly self-service banking. Although many of its services are in the banking sector, it also offers reliable procurement services. Standard bank also offers sponsorship and job opportunities to its members and surrounding communities thus it is named as one of the best banks in South Africa.
2. Absa Group Limited
The Absa group was formerly known as Barclays Africa Group Limited. It is one of South Africa’s financial services offering such services as personal and business banking, credit cards, corporate and investment banking, wealth and investment management. ABSA Group bank offers different initiatives to the community from business solutions to community development activities. This makes it the 2nd best bank in South Africa in terms of assets and investments. Its services are affordable to the community. Although there is competition from other leading banking giants in the country, the bank is still able to attract a large number of customers and clients.
3. Firstrand Bank Group
FirstRand bank group, established in 1998 has grown to become one of the leading banks in South Africa. It has managed to improve the local community as well as the country’s economy through the services it offers. It has made investments from RMI Nigeria group to new franchise investments. As a usual banking institution, it offers insurance products and personal banking solutions to corporate, commercial and personal businesses. As such, this has helped it to grow rapidly over a short period of time. It has other investment options and this helps to widen its investment boundaries.
4. Nedbank Group
Nedbank Group is the fourth bank on our list of best banks in South Africa. It is one of the wealthiest banks in South Africa. It has a well-connected banking network throughout the region of South Africa. Its headquarters is located in Johannesburg and regional centres in Cape Town and Durban. Its major gainer is the Nedbank Group limited. The group was founded in 1969 and it offers retail and wholesale banking services to its large number of clients. Even though the main focus of the group is on offering banking services to its clients, it engages in other business activities such as job creations, investments and project financing. Its services are distributed through a number of its subsidiaries across the country with its main focus on banking solutions. Being among the leading corporate and commercial group, it has managed to operate from retail, wholesale and corporate perspectives.
5. Capitec Banking Group
The bank was originally set up to offer personal and retail services, however, it has expanded its operations and surpassed other giants in the banking industry of South Africa. Financial analysts and business corporations have ranked it among the top 5 South Africa banks. The bank majorly offers banking services for retails to people in the local community. This has improved the development of local markets and clientele satisfaction. The services are top notch; this is why it’s made our list of best banks in South Africa in 2019.