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. As of March 2020 [update], they control nearly 90% of the sector's total assets. [3]
References
- ^ "South Africa - Banking". countrystudies.us. Retrieved 12 January 2021.
- ^ "Banking regulation in South Africa: overview". signon.thomsonreuters.com. Thomson Reuters. Retrieved 12 January 2021.
- ^ "South Africa's banking sector is dominated by 5 names – who control almost 90% of all assets". BusinessTech. 19 July 2020. Retrieved 12 January 2021.
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