Top banks in South Africa for customer satisfaction in 2024 by SagaBrand tracker 

Today we uncover the top banks in South Africa for 2024. This is based on insights from SagaBrand, the largest pan-African brand tracking tool. 

The South African personal banking industry serves both tech-savvy urban consumers and underbanked rural populations. Dominated by “The Big Four”—Standard Bank, FNB, Absa, and Nedbank—the market is increasingly challenged by disruptors. New players like Capitec Bank, TymeBank, and Discovery Bank tend to offer low-cost, digital-first solutions tailored to middle and lower-income groups.

While bank valuations are widely reported, how do these institutions fare in the eyes of the public? Put simply, which banks in South Africa are the most popular among their customers? Find out the answers from the recent online survey among members of SagaPoll online panel in South Africa.

Ranking of the top banks in South Africa for satisfaction

This piece explores specifically two key KPIs—awareness and customer satisfaction score—out of the 25 brand metrics tracked in the survey. They provide insights into consumers’ familiarity with and perceptions of financial sector brands. 

Below are the top-rated banks in South Africa based on the Customer Satisfaction Score. It is calculated by subtracting dissatisfaction from overall satisfaction.  

1. Capitec Bank (South Africa) 
2. FNB – First National Bank (South Africa)
3. TymeBank (South Africa)
4. Standard Bank (South Africa)
5. Discovery Bank (South Africa)
6. ABSA (South Africa)
7. Nedbank (South Africa)
8. African Bank (South Africa)

To note: Bidvest Bank and Postbank were included in the survey but excluded from the Satisfaction ranking due to a low sample base.

All the leading banks in South Africa originated locally, highlighting the strength and resilience of the country’s banking sector. Their dominance in the personal banking space is driven generally by a long-standing market presence, strong brand loyalty, and a deep understanding of local regulations. Together, these factors create high barriers for foreign banks, making it difficult for them to compete.

Zoom on the Top 3 banks in South Africa

• Capitec Bank: The South African bank leads on a number of KPIs including awareness and satisfaction showcased here. With an impressive satisfaction score of 60%, the bank also stands out with the lowest neutral rate (13%) and one of the lowest dissatisfaction rates (13%).  Founded in 2001, Capitec Bank entered the South African banking scene with a focus on simple, low-cost solutions. Although it entered the market more recently than its competitors, it has quickly become one of the country’s most popular banks by focusing on affordable banking and digital innovation.

• FNB (First National Bank): Following closely behind, FNB secures a satisfaction score of 53%. As one of South Africa’s largest and oldest banks, it is known for its innovation and customer-focused approach. It was a pioneer in online banking and continues to lead in digital services, offering mobile apps, online platforms, and advanced banking tools. Known for its strong digital presence, FNB serves a wide customer base through an extensive branch and ATM network across the country. 

• TymeBank: In 3rd position, TymeBank, South Africa’s first fully digital bank, launched in February 2019 and rapidly became one of the world’s fastest-growing digital banks, reaching 10 million customers in under six years. TymeBank stands out with its unique ‘phygital’ model, combining digital banking with physical retail partnerships. For instance, it partners with South African retailers Pick n Pay and Boxer where customers can easily deposit and withdraw funds at these stores. This approach significantly enhances access to banking services, particularly for underserved communities.

Top-rated banks in South Africa for Awareness

In terms of brand awareness, Capitec and FNB continue to lead the pack, followed closely by the remaining members of the “Big Four”—Standard Bank, Absa, and Nedbank. Impressively, all 10 banks included in the survey achieve awareness levels exceeding 60% (up to 94% for CAPITEC), reflecting the strong visibility and recognition of banks in South Africa’s competitive market. 

One noteworthy aspect of the South African banking landscape is the prevalence of multi-banking. Many South Africans hold accounts with two or more banks, which helps explain the consistently high awareness levels. Typically, consumers maintain a primary account, often where they deposit their salaries. In parallel they hold a secondary account to meet specific needs such as savings or financial security. This behaviour has paved the way for these newer entrants to gain traction by offering tailored solutions that meet these secondary banking needs, further breaking ground in the market.

More on Financial Services in Africa 

SagaBrand tracks dozens of non-FMCG industries monthly throughout the continent, including financial services. As such we frequently provide insights about the banking sector in Africa. For example, we recently covered the best banks in Morocco, Nigeria, Ivory coast and Kenya. 

If you would like further data on financial institutions in South Africa (eg. additional KPIs) or in another country based on our online panel in Africa, get in touch with us. Please send an email to contact@sagaciresearch.com or click below.

Methodology

SagaBrand, Africa’s largest Brand Health Tracker, consistently tracks consumer perceptions of around 2,000 brands on a daily basis across the continent. It monitors a range of 25 Key Performance Indicators (KPIs), such as brand awareness and customer satisfaction.

• Awareness: Which of the following brands have you heard of? Base: all respondents
• Satisfaction: For which brands below are you a SATISFIED / DISSATISFIED customer? We calculate the satisfaction score by subtracting dissatisfaction from overall satisfaction. Base: Respondents who have ever been a customer of the bank (minimum base per brand to be included).
• Population: adults in South Africa above 18 years old.
• Period: November 2024