Banking in South Africa is established, and comprises numerous competitive commercial banks (serving both consumers and businesses), private banks, asset management firms, and co-operative financial institutions. Many of these institutions, especially the commercial and private banks, also operate outside the country's borders.
As of 2025, the country has over 3,300 bank branches, over 22,000 ATMs, and around 150,000 employees working in the banking sector. In the same year, the market capitalization of just 6 of the country's major banks was worth over R1.6 trillion.
Commercial banking in the country is dominated by the "big five" banks: Standard Bank, FNB, Absa, Nedbank, and Capitec. As of March 2020[update], they control nearly 90% of the sector's total assets.[2]
Other major, established South African commercial banks include Investec (an exclusively private bank). More recent entrants into the banking market include digital-only TymeBank, Bank Zero, and Discovery Bank.
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.
The total market capitalization of the big five banks amounts to R1.53 trillion.
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.[3]
Banking networks in South Africa (as at September 2025)
Standard Bank has the largest number of employees within the overall group, however, FNB has the highest by far in South Africa. Capitec has the most customers, by a significant margin, with almost twice as many as second-place Standard Bank. Capitec has 38% of the South African consumers who bank at one of the big five.
Combined, the "big five" banks account for almost 200,000 jobs (~ 150,000 in SA), and over 64 million banking customers.
The table below is ranked in descending order, according to total group employees.[3][4]
Banking sector people information in South Africa (as at September 2025)
Investec (an exclusively private bank) is another major financial institution in South Africa. The company also has operations 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.[5]
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.
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).[1]
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:
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.
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