South Africa

South Africa has the largest banking system in sub-Saharan Africa, with sector assets of R9.13tn in July 2026, up 8.3% year on year. Twenty-eight registered banks operate, but the market is dominated by a handful of listed groups: Standard Bank, FirstRand, Absa, Nedbank, Investec and Capitec. The SARB's June 2026 Financial Stability Review puts the banking-sector Herfindahl-Hirschman Index above 0.18, which it classifies as high concentration, and flags interconnectedness with non-bank intermediaries as a contagion channel should a systemically important institution come under stress.