This is a list of commercial banks and other credit institutions in South Africa, as updated late 2024 by the Reserve Bank of South Africa. [1] [2]
A building society is a financial institution owned by its members as a mutual organization, which offers banking and related financial services, especially savings and mortgage lending. They exist in the United Kingdom, Australia and New Zealand, and formerly in Ireland and several Commonwealth countries, including South Africa as mutual banks. They are similar to credit unions, but rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups.
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.
First National Bank is one of South Africa's "big four" banks. It is a division of FirstRand, a large financial services conglomerate, which trades on the Johannesburg Securities Exchange (JSE), under the symbol: FSR. FNB is also listed on the Botswana Stock Exchange under the symbol FNBB and is a constituent of the BSE Domestic Company Index.
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.
Volkskas Beperk was a South African bank founded in 1934 as a cooperative loan bank, becoming a commercial bank in 1941. In 1991, by which time it had become South Africa's largest Afrikaner bank, Volkskas merged with United Building Society, Allied Building Society and Trust Bank to form Amalgamated Banks of South Africa.
Bank Australia is an Australian customer-owned bank based in Collingwood, Victoria. The organisation can trace its origins back to 1957, when the CSIRO Co-operative Credit Society was formed. Over succeeding years, mergers among 72 other credit unions and co-operative banks eventually led to the creation of the Members & Education Credit Union (mecu) in 2003, which became Bankmecu in 2011, and Bank Australia in 2015.
FirstRand Limited, also referred to as FirstRand Group, is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.
BankservAfrica is an automated clearing house located in Johannesburg, South Africa, serving both national and pan-African transactions. It annually processes a significant volume of transactions, encompassing various sectors such as banking, corporates, government, and retail. Its role as Africa's largest automated payments clearing house is primarily attributed to its substantial transaction volume.
Alewyn Burger is a South African banker and former chief operating officer of Standard Bank. He has a PhD in mathematics from the University of South Africa and attended Harvard Business School's six-week Advanced Management Program (1991).
Ekwueme Charles Chinedu Okeahalam - economist and businessman, is a co-founder of the investment group, AGH Capital which was established in 2002 and has been involved in a number of transactions in Sub-Saharan Africa.
Banking in South Africa is centred on the South African Reserve Bank (SARB), which is the monetary authority and controls gold and foreign exchange reserves.