This report delves into South Africa's B2B payment market structure, competitive dynamics, and market concentration. Investors will gain an understanding of the competitive strategies that enable players to capture and defend market share and the key trends that will shape the competitive landscape.
South Africa’s B2B payment market comprises four key types of providers: incumbent banks, challenger banks, local fintech startups, and international operators.
The table below captures the main participants within each provider category.
We will explore the competitive dynamics, strengths and weaknesses, and emerging trends for each type of provider.
Key Players: Incumbent and Challenger Banks
Incumbents such as Standard Bank, FirstRand (FNB), Nedbank, Absa Bank, and Capitec Bank maintain extensive branch networks that far exceed those of their fintech competitors.
Standard Bank boasts the largest business customer base among the players, as shown in the chart.
In FY 2023, Standard Bank generated $2 billion in revenues from its business and commercial banking (BCB)
