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The Standard Bank Group has reported R45 billion of headline earnings and a return on equity of 18.5%. This performance is underpinned by continued balance sheet growth, lower credit impairment charges and flat costs in the banking franchise and a robust performance in Insurance & Asset Management. Financial Highlights: Headline earnings: R45 billion Headline earnings …
As Finance Minister Enoch Godongwana announced a 100-basis-point increase in South Africa’s Value-Added Tax (VAT) over two years, a new study from the UCT Liberty Institute of Strategic Marketing reveals a grim reality— many households are already struggling to make ends meet and rely on others for food before their next payday. The study, called …
We spent time with 31-year-old Khanyo Mantshi from Khayelitsha who says his grant falls short of his needs
A whistleblower report containing damning allegations is to be investigated
Empowering women through tailored financial services is not just a goal but a proven strategy for unlocking economic potential. Recognising the impact of women-focused programmes in underserved communities, Standard Bank is now expanding its female-centric propositions to two more countries. Through initiatives like the Dare to Aspire and Dare to Achieve (DADA) programme in Stanbic …
The Africa Green Economy Summit (AGES), which took place in Cape Town recently, reinforced a crucial message, that sustainability is not just a responsibility; it is an opportunity. By working together, businesses, financial institutions, and policymakers can turn the transition to a green economy into a driver of long-term growth. The summit highlighted how innovation, …
Standard Bank, the biggest bank in Africa by assets, is gearing up to host its first African Markets Conference (AMC). The Conference, which will be held in Cape Town later this month, is a key element of Standard Bank’s drive to improve integration and ease of doing business across the continent. “This game-changing conference will …
Standard Bank will be one of the sponsors of the 13th annual Buy Local Summit and Expo, hosted by Proudly South African, to be held at the Sandton Convention Centre on 17 and 18 March 2025. As one of the most significant platforms for championing locally manufactured goods, the event also serves as a crucial …
While many consumers still faced financial strain in 2024, their confidence levels appear to be improving, with more people looking to buy cars last year. Thanks in part to the slight decline in interest rates in 2024, Standard Bank Vehicle and Asset Finance (VAF) recorded an increase of over 5% in vehicle loan applications. This …
In a move aimed at easing financial pressures and bring more value to customers, Standard Bank has partnered with South Africa’s largest retailer, the Shoprite Checkers Group, to help households stretch their grocery budgets. This collaboration boosts UCount Rewards benefits and will allow customers to redeem Rewards Points for groceries and other products both in-store …
The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.
The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank's lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.
The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.
Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa's economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”
In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.
Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs' growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”
This initiative aligns with the African Development Bank's Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank's Sustainable Finance Framework, reinforcing both institutions' commitment to fostering green and inclusive growth.
“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.
Kenny Fihla reaffirmed the significance of the collaboration:
“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
For media inquiries, please contact:
Natalie Naudé
Communication and External Relations Department
Email: media@afdb.org
About the African Development Bank Group:
The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org
South African consumers continue to buy gifts in February, with data from Standard Bank showing a double-digit increase in shopping activities on Valentine’s weekend. As Valentine’s Day fell on a Friday this year, shopping activity spiked compared to previous years, with jewellery stores, luxury goods retailers, spas and salons, and restaurants seeing the biggest boost. …
Faced with increasingly competitive university placements in South Africa, more students are pursuing higher education opportunities overseas. According to International Education Link (EduLink), which assists African students with applications and funding, demand has surged, driven by local placement challenges and growing interest from township and rural students, often inspired by peers already studying abroad. Christine …
VEREENIGING: Day two saw the KZN Inland Rural team finish as the only undefeated team left in the CSA Inland Rural...
By Oscar Siziba, Head of Coverage: Business Banking at Standard Bank South Africa Johannesburg, 12 February 2025 – As South Africa prepares for the 2025 National Budget Speech, businesses, particularly Small and Medium Enterprises (SMEs) will be keenly watching for signals on economic growth, investment, and policy support. The National Budget Speech is not just …
Recently, a fraudulent WhatsApp group has been circulating on social media, claiming affiliation with an investment app called SBG SI Trader. This app falsely professes connections with Standard Bank, SBG Securities, and other related platforms, including SBG Securities OST. It also mentions the banks FSCA operating license and an employee of the group, David Hodnett. …
Johannesburg, 10 February 2025 – With Valentine’s Day around the corner, many couples are contemplating the next step in their relationship, and living together is increasingly a common choice before committing to a marriage. The 2022 Census Survey Report found that around 8 in every 100 couples live together before marriage. While love may be …
Cape Town, 06 February 2025 – Mining in Africa has long been a cornerstone of economic development on the continent but discussions about the sector often focus on large-scale extraction. However, a shift in perspective is gaining traction, one that highlights the importance of downstream industries in shaping a more sustainable and value-multiplying sector. Beyond …
Government-funded Ncera farm has battled drought and price fluctuations
The 2024 festive season reflected steady growth in card acquiring transactions across various business and consumer segments within Standard Bank. Businesses of different sizes and industries saw an increase in both transaction volumes and values, highlighting a continued shift towards digital and cashless payments. Digital transaction volumes recorded double-digit increase of 15% year-on-year (YoY), digital …
By Chiko Manokore, Head of Personal and Private Banking at Standard Bank Johannesburg, 31 January 2025 – New property investment trends are emerging in South Africa as investors tap into the growing demand for coastal homes and look beyond traditional rental models to build wealth. Data from Standard Bank reveals that one in eight mortgage …
The National Energy Regulator of South Africa (NERSA) has once again approved electricity tariff increases for Eskom which are well above inflation. NERSA announced a 12.7% tariff increase which will be introduced for the 2025/26 financial year, followed by 5.36% in 2026 and 6.19% in 2027. This has widened the gap between Eskom’s electricity tariffs …
Toni Anderson, Head of Home Services at Standard Bank: The latest interest rate cut could mark a turning point for South Africa’s residential property market. The South African Reserve Bank has reduced the repo rate by another 25 basis points, bringing the prime lending rate down to 11%. This is the third rate cut since …
With Cape Town’s recent recognition as the Best City in the World for 2025 by Time Out, a global authority on city culture, travel, and experiences, the city has once again cemented its status as a world-class destination. Renowned globally for its natural beauty, cultural vibrancy, and exceptional infrastructure, Cape Town continues to attract international …