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.
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).
Commercial banking
Commercial banking in the country is dominated by the "big five" banks: Standard Bank, FirstRand, Absa, Nedbank, and Investec. As of March 2020, they control nearly 90% of the sector's total assets.
References
