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Peer-to-peer payments in South Africa 2020

In South Africa, bank transfer is the way to go when it comes to send money to friends and acquaintances: In 2020, more than 8 out of every 10 respondents in this country stated that they transferred money via banks in the past 12 months.

Which is the most valuable bank in Africa?
From 2012 to 2022, the banking revenue in Africa is expected to increase by over 100 percent. Also, the share of the African adult population with access to banking services is expected to rise by a considerable margin during the same period. These are all good news for brands like Standard Bank which, as of 2017, is the most valuable bank in Africa. Headquartered in Johannesburg, South Africa, it was founded in 1862 by John Paterson. The bank has come a long way ever since and as of February 2017, Africa’s biggest lender had a brand value of over US$1.5 billion. Second in this ranking is ABSA, followed by First National Bank and Investec.

Banking in South Africa
A total of 33 banks were registered in the country of South Africa in 2006. Fast forward 11 years and this figure has increased slightly to a total of 34 banks in 2017. An average customer in South Africa in 2017 had access to 2.92 banking products which was more than that of any other country in the region. The South Africans respondents might prefer bank transfer for sending money to their loved ones but when it comes to pay for online shopping in 2020, most of them prefer credit cards.

How have you transferred money to friends and acquaintances in the past 12 months?

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Number of respondents

1,048 respondents

Age group

18-64 years

Supplementary notes

Multiple answers were possible.

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Statistics on "Financial market in Africa"

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