When doing business in or with South Africa, it is important to have a good knowledge about the system of banking in South Africa. South Africa is home to over 60 different banks -- commercial banks, personal banks, development banks and international banks. These different banks cover a wide range of banking needs, but a detailed knowledge of South African banks is necessary to successfully take advantage of what the system has to offer.
South Africa is one of the most industrialized and economically strong areas of Africa. As a result, many of the most prestigious and international banks of Africa are located within this country. Despite its industrialization and relative prosperity, however, South Africa is also considered to be a developing nation. South Africa banks, because of this, are greatly diversified in order to meet a wide range of banking needs. Some banks in South Africa focus on internal development, while others focus more on promoting international banking in South Africa. Whatever their focus, many banks of South Africa are eager to work with international businesses.
Keep in mind the following issues when researching banking in South Africa:
1. Focus on banks that will meet your specific needs.
2. Consider the unusual position of South Africa as both an industrialized and a developing nation.
3. Comparing South African banks will help you find the right bank out of the many available.
Action Steps
The best contacts and resources to help you get it done
Research individual banks by using company websites
Most banks of South Africa provide a great deal of information online. This information is especially useful for international businesses looking to connect to South African banks.
I recommend: Absa is one of the largest banks in South Africa, with personal,
business and
corporate banking services. For a list of every bank in South Africa, the
South African Financial Sector Forum lists local, commercial and international banks with links to the individual banks’ websites.
Gather general information about banking in South Africa
Information about the banking industry and general financial state of South Africa can be found from the South African government and from private sources.
I recommend: The
South African Reserve Bank is the central bank for the Republic of South Africa. Its website contains information on inflation, exchange rates, world markets, monetary policy and such.
Mammoth Solutions offers an article with information about South African banks and doing business in South Africa.
Get background information on South Africa banks before doing business or making investments
There are several banking service companies and organizations that provide detailed information on the banks of Africa.
I recommend: The Banking Association-South Africa is an industry body responsible for lobbying, policy research, and such in South Africa. Their website includes news on the banks in South Africa and changes in banking policy and is updated several times per day.
Bankmonitor is an independent company that offers comparisons between different South African banks. Their services include transaction fee calculators and product comparisons.
The official source of Banks in South Africa is the Banks in South Africa page at Business.com
Related Resources from Business.com
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