Founded in 1987, Global Finance regularly selects the top performers among banks and other providers of financial services and the awards have become a trusted standard of excellence for the global financial community.
With over 1, 200 branches in total, Standard Bank, with its home base in South Africa, is a major facilitator of financial flows into and across Africa. The institution has see rapid pace in harnessing digital capabilities through partnerships with companies like Amazon Web Services, MicroSoft and SalesForce.
One of its subsidiary banks, Stanbic Bank Uganda, with 80% ownership stake, was also recognized 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: