MultiChoice, MTN Group… top 10 African businesses owned by South Africans
Photo of MultiChoice DStv decoder and satellite dish. Photo Credit- Asexual Doctor/X
South African corporations dominate Africa’s corporate landscape, excelling in sectors ranging from technology to banking, retail, and mining. Here’s a look at the top 10 firms with strong South African ownership that shape the continent’s economy:
1. Naspers / Prosus
A global technology powerhouse headquartered in Cape Town, Naspers is Africa’s most valuable company, with a market capitalization of approximately $47 billion. Originally a publisher, it transformed into an investment giant, holding key global stakes like in Tencent, PayU, and Takealot.
2. MultiChoice
Best known for DStv and Showmax, MultiChoice dominates Africa’s pay-TV landscape with nearly 22 million subscribing households. Despite recent subscriber losses and a full-year headline loss of R800 million (~US$45 million), the company remains an influential player and is currently a target of Canal+.
3. FirstRand Group
FirstRand ranks as Africa’s top banking group by assets and holds a market cap of roughly R418 billion (~$23 billion). Operating across eight African countries and global hubs like London, it offers retail, commercial, and investment banking services .
4. Standard Bank Group
Standard Bank, Africa’s largest lender by assets, serves around 19 million clients in 20 countries. With a market value of over $20 billion, it’s a critical driver of continental finance and development .
5. Capitec Bank
Since its 2001 founding, Capitec has revolutionized South African retail banking through its digital-first, low-cost model. It boasts over 21 million active clients and a market cap of more than R404 billion (~$22 billion).
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6. MTN Group
Operating in over 19 African and Middle Eastern countries, MTN connects more than 270 million users. With a market value nearing $15–16 billion, it is the continent’s largest telecom operator by network reach .
7. Vodacom Group
A partnership with Vodafone, Vodacom provides voice, data, and fintech services across Africa. It serves about 130 million customers and has a market cap of approximately R274 billion (~$15 billion)
8. Shoprite Holdings
Shoprite is the continent’s top supermarket retailer with over 3,300 outlets across 10 countries. Generating annual revenues around $12 billion and valued at nearly R166 billion (~$9 billion), Shoprite is Africa’s retail backbone .
9. Sanlam
As Africa’s largest non-banking financial services group, Sanlam provides insurance, investment, and wealth solutions across over 30 countries. It holds a market cap over R183 billion (~$10 billion).
10. Aspen Pharmacare
Aspen Pharmacare, Africa’s leading pharmaceutical manufacturer, operates globally (South Africa, Europe) and produces essential generics and ARVs. With around R38 billion (~US$2.4 billion) in annual revenues, it’s critical to Africa’s health sector .
Honorable Mentions
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Absa Group: Multinational banking in 10 countries, market value ~R2069 billion in assets .
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African Rainbow Minerals: Mining PGMs, coal, copper across DRC and Zambia; chaired by Patrice Motsepe.
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Remgro: Diversified holdings in services, industrials, finance under Johann Rupert.
South African businesses continue to lead Africa’s economy, highlighted by their expansive operations and global reach. From tech investments like Naspers to pay-TV brands like MultiChoice, these firms shape the continent’s corporate future.