South Africa is one of the countries with the best banking and financial structure is the world. Year in and year out South African banks top the list as one of the best.
In 2023 there’s no difference First National Bank FNB and Capitec Bank took 1st and 2nd spot as top banks in the world according to Brand Finance. The Mzansi banks are followed by two Kenyan banks KCB and EQUITY.
First National Bank (brand value down 3% to $1.5bn) is the strongest banking brand in the global ranking with a Brand Strength Index (BSI) score of 93 out of 100 and a corresponding AAA+ rating.
Capitec Bank (brand value down 1% to $620,4m) is the second strongest brand in the ranking with a Brand Strength Index (BSI) score of 93 out of 100 and a corresponding AAA+ rating.
“The fact that two South African banks top the global Brand Strength Index (BSI) is something for great celebration and reflects extremely well on the local banking sector,” said Jeremy Sampson, managing director of Brand Finance South Africa.
The two SA banks are joined by Kenyan banking compatriots, Equity Bank (brand value up 37% to $531.7m) and Kenya Commercial Bank (brand value up 13% to $380m) in 4th and 6th position respectively.
Both banking brands have achieved growth in their brand value in 2022 and continue to grow their customer base nationally and internationally by offering new mobile banking services.
View the full Brand Finance Banking 500 2023 report here.