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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. [1]
The Mzansi Account is a low income transactional banking account that was developed in line with the commitments of South Africa's Financial Sector Charter.The Financial Sector Charter requires banks to make banking more accessible to the nation and, specifically, to increase banking reach to all communities.
The South African Reserve Bank (SARB) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of the abnormal monetary and financial conditions which World War I had brought.
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 ] List of commercial banks
Ecobank, whose official name is Ecobank Transnational Inc. (ETI), is a pan-African banking conglomerate, with banking operations in 33 African countries. It is the leading independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers. It also maintains subsidiaries in Eastern and Southern Africa.
Absa Group Limited, commonly known simply as Absa and formerly the Amalgamated Banks of South Africa (ABSA) until 2005 and Barclays Africa Group Limited until 2018, is a multinational banking and financial services conglomerate based in Johannesburg, South Africa and listed on the Johannesburg Stock Exchange.
Capitec Bank is a South African retail bank and financial services company. [2] As of February 2024 the bank was the largest retail bank in South Africa, based on number of customers, with 120,000 customers opening new accounts per month.
The bank's origins can be traced to 1862, when a group of businessmen led by the prominent South African politician John Paterson [5] [6] formed a bank in London, initially under the name Standard Bank of British South Africa. The bank started operations in 1863 in Port Elizabeth, South Africa, and soon after opening it merged with several ...