- December 29, 2020
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StanChart Kenya is Most Recommended Retail Bank in Africa; Nedbank, Capitec Bank, CalBank, and Guaranty Trust Bank lead multiple consumer rankings
Customers decide which banks in the Africa region stood out from the rest and were most helpful during COVID-19 following the result of the BankQuality Consumer Survey and Rankings for 2020
- Standard Chartered Kenya is Most Recommended Retail Bank in Africa
- Nedbank is Most Helpful Bank in Africa during COVID-19
- Capitec Bank, CalBank, and Guaranty Trust Bank emerged as country favourites and outperformed regional peers in consumer products and channels
Consumer experience is a priority for financial institutions. Now more than ever, customer engagement is crucial to the survival of banks as the industry undergoes accelerated digital transformation and continues to face the impacts of the COVID-19 pandemic.
TAB gathered feedback from consumers in Africa about their experience and satisfaction with retail banks as part of BankQuality™ Consumer Survey and Rankings. The BQ survey involved 4,000 consumers from Ghana, Kenya, Nigeria, and South Africa. It assesses consumer perception, attitude and loyalty to financial institutions based on their experience with service, channels, products and pandemic-related initiatives.
Standard Chartered Kenya is Most Recommended Retail Bank in Africa
Standard Chartered Kenya (StanChart Kenya) received the highest overall rating for its retail banking services among banks in Africa. The bank received a BankQuality™ Score (BQS) of 101.49 – outperforming its peers in Ghana, Kenya, Nigeria, and South Africa.
The bank began its digital transformation back in 2016 and invested in upgrading its capabilities and channels specifically internet banking. In 2019, StanChart Kenya claimed that more than 90% of its total bank clients were engaged in its digital channels. It also continued to improve customer experience and digital offerings over the years. The bank worked with the Kenyan government to upgrade the former’s tax payment solution to be fully integrated and in real-time with the Kenya Revenue Authority payment gateway. This allowed customers to fulfil tax payments through the bank’s internet application. StanChart Kenya was highly rated for internet banking, payments, remittance and asset management in the BankQuality™ survey. However, the bank scored below average in savings account, branch and mobile banking.
Consumers also praised the bank’s efforts in response to the COVID-19 pandemic. The bank’s pandemic-related initiatives received a BQS of 101.62 - the highest in Kenya and the second highest in the region. Comments included, “It provided a good internet banking platform that assisted me in a lot of transactions. It saved me time I would have spent going to the branch”, “I can access services easily from the comfort of my home”, and “Its digital payments solutions were of great help to me”.
To view the full ranking, visit
Nedbank voted Most Helpful Bank in Africa during COVID-19
South Africa’s Nedbank stood out for how it responded to the ongoing pandemic. Nedbank emerged as the Most Helpful Bank in Africa during COVID-19 with a BQS 101.90 for its aid packages and relief initiatives.
The measures include debt relief solutions for loans, payment holidays and reduced monthly credit card repayments. The bank provided its client with undisrupted service through its offline and online digital channels. One of its early responses to the pandemic is the introduction of a digital portal to provide real-time solutions and communication to clients. The bank also upgraded its virtual personal assistant HeyNed enabling customers to order and pay for food and other essential goods. It launched Avo e-commerce platform as a one-stop lockdown companion providing services including digital home entertainment.
A consumer noted, “The bank has kept me up to date with the current situation of COVID-19. They have also introduced an app for online shopping and it is very convenient.” Other consumers commended the bank for its reduced interest rates and fees, fast loan application and approval, and payment holiday.
To view the full ranking, visit
Capitec Bank, CalBank, and Guaranty Trust Bank emerged as country favourites and outperformed regional peers in consumer products and channels
South Africa’s Capitec Bank (BQS 101.33), Ghana’s CalBank (BQS 101.25) and Nigeria’s Guaranty Trust Bank (BQS 100.90) are the other top players in their respective markets. These banks received the highest overall ratings for Most Recommended Retail Bank by country.
Capitec Bank led its regional peers as Most Recommended Retail Bank for savings account (BQS 101.79). CalBank received the highest rankings for branch, relationship managers (BQS 101.90), telephone banking (BQS 102.18) and remittance (BQS 101.64). CalBank received positive feedback for its COVID-19 relief measures. Guaranty Trust Bank was chosen Most Recommended Retail Bank for payments and mobile banking with BQS 101.58 and 101.85 respectively.
Other notable banks that ranked high regionally were from Ghana including Absa Bank, Agricultural Development Bank, and StanChart Ghana. Absa Bank received a BQS 101.91 for its personal loan product. The bank reduced its lending rate for qualifying personal loans by 2% during the COVID-19 pandemic. Agricultural Development Bank topped three regional rankings for products including asset management (BQS 101.82), auto loan (BQS 102.00) and home loan (BQS 102.10). StanChart Ghana showcased its digital capabilities with the highest BQS score for internet banking – 101.95.
Keywords: Bank Rankings, Consumer Rankings, Digitalisation, Customer Service, Open Banking, Mobile Banking, Platform, Agile
Institution: Standard Chartered Bank Kenya, Nedbank, Capitec Bank, CalBank, Guaranty Trust Bank, Absa Bank, Agricultural Development Bank