Banking in South Africa explained

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]

Legislation and regulatory authorities

• Banks Act, 1990.
• Financial Sector Regulation Act, 2017. Prudential Authority within SARB.
• Financial Intelligence Centre Act, 2001 and Financial Intelligence Centre.
• Financial Sector Conduct Authority (FSCA). Financial Advisory and Intermediary Services Act, 2002 (FAIS).
• National Credit Regulator (NCR) National Credit Act, 2005 (NCA).
• Information Regulator and Protection of Personal Information Act, 2013 (POPI).^[2]

Commercial banking

Commercial banking in the country is dominated by the "big five" banks: Standard Bank, FirstRand, Absa, Nedbank, and Investec., they control nearly 90% of the sector's total assets.^[3]

Notes and References

1. Web site: South Africa - Banking . countrystudies.us . 12 January 2021.
2. Web site: Banking regulation in South Africa: overview . signon.thomsonreuters.com . Thomson Reuters . 12 January 2021.
3. News: South Africa's banking sector is dominated by 5 names – who control almost 90% of all assets . 12 January 2021 . BusinessTech . 19 July 2020.