Standard Bank, Africa’s biggest financial gathering by resources and in more than 20 Sub-Saharan African nations, has been granted the Best Bank in Africa 2020 Award by Global Finance Magazine.
Worldwide Finance Magazine is perceived as among the world’s generally persuasive and solid banking and fund distributions in the worldwide financial industry.
Established in 1987, Global Finance routinely chooses the top entertainers among banks and different suppliers of budgetary administrations and the honors have gotten a confided in standard of greatness for the worldwide money related network.
With more than 1, 200 branches altogether, Standard Bank, with its command post in South Africa, is a significant facilitator of money related streams into and across Africa. The organization has see fast pace in tackling advanced abilities through associations with organizations like Amazon Web Services, MicroSoft and SalesForce.
One of its auxiliary banks, Stanbic Bank Uganda, with 80% possession stake, was additionally perceived as the best bank in Uganda.
The African banking industry produced some of the highest returns on equity anywhere in the world in 2019, in some cases vastly outperforming their counterparts in more developed economies. Among the more dramatic examples are three of Global Finance’s 2020 Best Bank award winners:
- BNI Madagascar, with an ROE of 43.6%
- Fidelity Bank Ghana, at 32.0%; and
- Zenith Bank in Nigeria, at 23.8%.
For comparison, US banks’ average ROE has hovered in the range of 3% to 12% for the past decade, according to the Federal Reserve Bank of St. Louis.
Here is the list of best banks awarded across the different African countries:
- Algeria – Societe Generale Algerie
- Angola – Banco de Fomento Angola
- Benin – Banque Atlantique
- Botswana – Absa Bank Botswana
- Burkina Faso – United Bank for Africa
- Cameroon – Societe Generale Cameroun
- Côte d’Ivoire – Banque Atlantique
- DR Congo – Trust Merchant Bank
- Djibouti – CAC International Bank
- Equatorial Guinea – National Bank of Equatorial Guinea
- Ethiopia – Commercial Bank of Ethiopia
- Gambia – Ecobank Gambia
- Ghana – Fidelity Bank Ghana
- Guinea – Societe Generale de Banques en Guinée
- Kenya – KCB Bank Kenya
- Madagascar – BNI Madagascar
- Malawi – National Bank of Malawi
- Mali – Ecobank Mali
- Mauritius – SBM Bank
- Morocco – Attijariwafa Bank
- Mozambique – Millennium bim
- Namibia – First National Bank of Namibia
- Nigeria – Zenith Bank
- Rwanda – I&M Bank Rwanda
- Senegal – Societe Generale Senegal
- Sierra Leone – Union Trust Bank
- South Africa – Standard Bank
- Sudan – Omdurman National Bank
- Tanzania – CRDB Bank
- Togo – Ecobank Togo
- Tunisia – Amen Bank
- Uganda – Stanbic Bank Uganda
- Zambia – Zambia National Commercial Bank
- Zimbabwe – CBZ Bank
The choice for Standard Bank and Stanbic Bank Uganda as the best bank on the continent is no big surprise to the crypto ecosystem on the African continent.
Standard Bank has been one of the most supportive financial institutions when it comes to crypto adoption on the African continent. The bank has facilitated and enabled crypto exchanges, especially in South Africa, to run accounts that offer instant bank withdrawals when other banks have put limitations on what exchanges can do.
Similarly, Stanbic bank Uganda has been at the forefront when it comes to blockchain and crypto adoption by supporting Binance Uganda in its efforts to run banking accounts for its clients.