After 21 years of existence, Capitec Bank has surpassed big players such as First National Bank and Standard Bank.
The Western Cape-based banking institution has reached the 20 million customer milestone and that is regarded by CEO Gerrie Fourie as massive.
Capitec’s record when it comes to the number of customers beats its 185-year-old rival FNB and 160-year-old Standard Bank.
Capitec, which turned 22 early this month and registering 20 million clients means their numbers are bigger than the populations of either the Netherlands, Zimbabwe, or Senegal.
“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,” said Fourie per News24 Business.
In those 22 years of existence, Capitec’s share price moved from less than R1 to more than R1 600 and it climbed as high as R2 273.48 in April last year.
However, the CEO explained what the bank learned in this 22-year journey is to keep things simple.
“One of the biggest lessons we’ve learnt as a bank over the last 22 years is the importance of keeping things simple. That’s why we continue to offer a single Global One bank account without complicated point systems or tiers to determine the service quality we offer a diverse group of clients,” he added.
“After 22 years, it’s not over for us yet – it has only just begun.”
He said the bank had built a strong muscle to adapt in the constantly changing and highly competitive market, and there’s more to come.
Among other achievements, the bank changed how banks operate in South Africa by opening its branches till much later in the day and servicing customers on weekends too.
On top of that, it also switched from a primarily in-branch service bank to offer more of its services on a mobile app, including loan applications, which it processes in real time.
BusinessTech Africa posted that Capitec has announced that it has reached a significant milestone, currently banking over 20 million customers.
According to 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.
