Capitec surpasses 20 million users in 2023

With over 20 million customers, Capitec has declared that it has achieved a significant milestone.

With a clientele greater than the populations of Malawi, Zambia, and the Netherlands, according to customer counts, the company is now firmly established as the largest retail bank in South Africa, according to the bank’s CEO Gerrie Fourie.

In honor of the bank turning 22 years old, Fourie made the announcement.

From 5 million in 2013 to 10 million in 2019 and from 10 million to 20 million in the previous four years, the bank more than doubled its clientele. The bank counts 1.3 million active credit clients, 2,200 clients for house loans, and 2.2 million clients for death insurance.

Additionally, the bank presently has approximately 15,000 workers.

More than 11.4 million users of the app do daily banking, according to Fourie, who claimed that the introduction of a mobile app was crucial to the company’s expansion.

Capitec has consistently worked to develop into a full-service provider of financial services. It has expanded into business banking, insurance, and telecommunications throughout the recent years.

“We are immensely thankful to the more than 20 million customers have shown their faith in us. Over the years, we have worked hard to anticipate and surpass our clients’ needs at each stage of their financial journey. At Capitec, we focus on the customer and make banking simpler and more convenient for them,” Fourie said.

“At the core of who we are is innovation and the seamless application of fresh concepts based on our founding principles: ease of use, low cost, openness, and personalized service. Our development and success over the years are a direct result of our concern with our customers and our ongoing commitment to offering straightforward, cost-effective, and transparent banking solutions that improve the lives of countless South Africans.

The bank has stated that it is investigating new remote onboarding procedures, purpose lending products, new digital products, and value additions.

The CEO wants to bank 95% of the people in the nation. The country has a population of approximately 60.6 million, according to Statistics South Africa’s most recent mid-year population predictions for 2022.

Thus, approximately 33% of the nation is currently banked with Capitec.

Those looking for an affordable banking experience are among the group’s target market segment. Fourie stated in September of last year that the bank constructs itself around the demands of the client at a reasonable cost, not around how other banks conduct business.

Capitec is the most reasonably priced bank for customers in the middle class, according to the Solidarity Research Institute (SRI).
The lack of digital literacy in the nation has been a barrier to the company’s growth.

Because of this, Capitec has made it a priority to hire talented individuals with a strong focus on technology and has been on a big skills push.