Capitec has announced that it has reached a significant milestone, currently banking over 20 million customers.
According to the bank’s CEO, Gerrie Fourie, this solidifies the group’s position as the largest retail bank in South Africa in terms of customer numbers, with a client base greater than the populations of Malawi, Zambia, and the Netherlands.
Fourie revealed the achievement during a celebration of the bank’s 22nd anniversary.
In the previous four years, the bank’s client base has more than quadrupled, from 5 million in 2013 to 10 million in 2019, and from 10 million to 20 million. The bank has about 1.3 million active credit customers, 2,200 home loan customers, and 2.2 million funeral cover customers.
In addition, the bank today employs nearly 15,000 people.
Fourie stated that the introduction of a mobile app was critical to the company’s success, stating that over 11.4 million customers use the app for everyday banking.
Capitec has consistently strived to become an all-around financial services provider. It has expanded into telecommunications, insurance, and commercial banking in recent years.
“We are incredibly grateful for the trust that over 20 million clients have placed in us. We have spent years trying to meet and exceed our clients’ needs at every step of their financial journey. At Capitec, it’s about the client and simplifying their banking experience to make it more convenient,” Fourie said.
“At our heart lies innovation and the seamless implementation of new ideas based on our founding principles – simplicity, affordability, accessibility, and personal service. Our growth and success over the years reflect our obsession with our clients and unwavering focus on providing simple, affordable, and transparent banking solutions that help countless South Africans live better.”
According to the bank, it is investigating purpose loan solutions, a new remote onboarding approach, as well as new digital products and value additions.
The CEO’s objective has been to bank 95% of the country’s population. According to the most recent mid-year population projections for 2022 from Statistics South Africa, the country has a population of roughly 60.6 million people.
As a result, Capitec presently banks around 33% of the country.
Those looking for an economical banking experience are among the group’s target market area. Fourie stated in September of last year that the bank is built on the demands of the client at an inexpensive cost, rather than how other banks do business.
Capitec is the most cheap bank for middle-income clientele, according to the Solidarity Research Institute (SRI).
The country’s low level of digital literacy has been a barrier to the company’s growth.
As a result, Capitec has prioritised the significance of data in the digital economy and has been on a big skills push to employ bright technology-focused professionals.
