The 2025 GW Platt Foreign Exchange Bank Awards, presented by Global Finance, have recognized 15 African banks for their exceptional performance in the foreign exchange market. The awards, which celebrate excellence in foreign exchange services, include winners in global, regional, and country categories.

The selection process for the awards was based on both objective and subjective criteria. Objective factors such as transaction volume, market share, breadth of offerings, and global reach were considered, supported by company reports and media coverage. Additionally, subjective factors like reputation, thought leadership, customer service, and technological innovation were also taken into account. The selection process also incorporated input from industry analysts, surveys, corporate executives, and other stakeholders, ensuring a comprehensive evaluation of the banks' performance and contributions to the FX market.

The growth of the FX banking market has been significant, with cross-border financial services enhancing financial access, skill transfer, and innovation, creating interconnected networks that support seamless trade, investment, and regional economic integration, according to the African Development Bank. The report notes the resurging increase in foreign exchange transactions since the pandemic hit, with FX trading volumes having steadily increased, 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.

Despite the growth of the FX market, African banks continue to face challenges such as 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. Furthermore, 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, which emerged as the regional winner (Africa) for the best foreign exchange bank award. Other winners in the country category include Société Générale (Algeria), Standard Bank Angola (Angola), BICICI (Côte d'Ivoire), Rawbank (DR Congo), CIB (Egypt), Ecobank (Ghana), KCB (Kenya), AfrAsia (Mauritius), Attijariwafa (Morocco), Millennium BIM (Mozambique), Bank Windhoek (Namibia), Zenith Bank (Nigeria), FirstRand (South Africa), Banque Internationale Arabe de Tunisie (Tunisia), and Stanbic (Uganda and Zambia).

The recognition of these African banks is a testament to their commitment to providing exceptional foreign exchange services, despite the challenges they face. As the FX market continues to grow, it will be interesting to see how these banks adapt and innovate to remain competitive.

In conclusion, the 2025 GW Platt Foreign Exchange Bank Awards highlight the importance of excellence in foreign exchange services, and the recognition of these 15 African banks is a significant achievement. As the FX market continues to evolve, it is crucial for banks to prioritize innovation, customer service, and technological advancement to remain competitive and support the growth of regional economic integration.