News
BASA Transformation Report 2025
Publication Date: 02/06/2026
The BASA Transformation Report 2025 is an annual publication produced on behalf of the Banking Association South Africa (BASA). It tracks the progress of South Africa’s banking sector in meeting the transformation targets set out in the Amended Financial Sector Code (2017), covering data from 15 participating banks that collectively represent approximately 95% of total banking assets in the country.
The 2025 edition covers 2024 performance data alongside three years of historical comparisons (2021–2023), providing a comprehensive view of how the sector is evolving across all B-BBEE pillars – from ownership and management control to skills development, preferential procurement, enterprise and supplier development, empowerment financing, and access to financial services.
Beyond the numbers, the report serves as a platform for thought leadership on the future of transformation in South Africa. A central theme this year is the call to shift from a compliance-driven, input-focused approach to one that measures real outcomes — asking not just whether targets were met, but whether the lives of beneficiaries are genuinely improving.
Key findings from 2024 include:
- All ownership targets were exceeded, with black voting rights at 37% against the 25% target
- Nine banks achieved Level 1 empowerment status, including the top six banks, which hold R7.82 trillion in total assets
- Banks provided R136 billion toward the five-year R150 billion empowerment financing target in 2024 alone
- 27 million qualifying product accounts support financial inclusion across the country
- Meaningful progress continues in junior and middle management transformation, though senior leadership representation remains below target
The report also features a special focus section highlighting how banks are actively contributing to a more equitable society – through early childhood education, enterprise development for women and youth, green economy entrepreneurship, and supplier development programmes that are opening markets to black-owned businesses.