15 African banks emerge winners in the 2025 Foreign Exchange Bank awards

Global Finance has recognized top-performing banks in the foreign exchange market with the GW Platt Foreign Exchange Bank Awards 2025.

• Global Finance recognizes top-performing banks in the foreign exchange market
• Winners in global, regional, and country categories chosen based on objective and subjective criteria
• Standard Bank emerged the regional winner (Africa) for the best foreign exchange bank award

These awards, which celebrate excellence in foreign exchange services, include winners in the global, regional, and country categories.

Winners are chosen based on objective criteria such as transaction volume, market share, breadth of offerings, and global reach, supported by company reports and media coverage.

Additionally, subjective factors like reputation, thought leadership, customer service, and technological innovation are considered.

The selection process also incorporates input from industry analysts, surveys, corporate executives, and other stakeholders, ensuring a comprehensive evaluation of the banks’ performance and contributions to the FX market.

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The growth of the FX banking

According to the African Development Bank, cross-border financial services have enhanced financial access, skill transfer, and innovation, creating interconnected networks that support seamless trade, investment, and regional economic integration.

The report notes the resurging increase in foreign exchange transactions since the pandemic hit.

FX trading volumes have steadily increased since then, reaching a daily record of over $7.5 trillion this year, according to J.P. Morgan.

Market Data Forecast predicts the global FX market will grow at a compounded annual rate of 7.14% through 2032.

Also, the most notable transformation in the FX market has taken place at the FX sales desk.

Challenges faced by African banks

African banks continue to serve cross-border payment and funding needs despite challenges like low financial inclusion and economic volatility.

Many individuals remain unbanked, limiting access to services while fluctuating commodity prices and political instability add to economic uncertainty.

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Additionally, rising competition from fintech companies in digital payments forces banks to innovate, though legacy systems and limited IT budgets make technological adaptation difficult.

Some of the winning banks include:

Standard Bank – The Regional Winner (Africa) Best Foreign Exchange Banks 2025

Other winners (Country) include;