Institutions from 72 markets across the world were included in the survey, ranging from large global banks to small regional institutions. A star rating was applied as part of the benchmarking of banks, with five stars for the best performers, and one star at the other extreme.
About one-third of the banks achieved a four-star quality ratings, while two-thirds were rated three-star or lower. The average star rating for banks in South Africa was 3.7.
Capitec chief executive Gerrie Fourie says: “Our belief is that banking should be simple, affordable and transparent and as we strive to be the best retail bank in the world, this recognition is a strong indication that we’re heading in the right direction.”