While Capitec is often seen as the ‘new kid’ in South Africa’s banking space, it could soon lose that title with at least three major new bank offerings expected to launch in the country soon.
These include the new Discovery Bank, as well as offerings from Tyme Digital and the Michael Jordaan-backed BankZero.
Speaking to BusinessTech, Capitec CEO Gerrie Fourie said that it was difficult to say how the new entrants will be received by the South African public and whether it could lead to overcrowding in the market – as so few details have been revealed by the new entrants.
“If you look at Tyme, Discovery, Bank Zero, they haven’t actually come out and said what their products, pricing and positioning will be,” he said.
“You can probably guess what Discovery position is going to be because they are going to use Vitality, but we haven’t seen enough details about what impact they could have.”
Fourie added that Capitec’s focus would remain on its clients.
“We watch what our competitors are doing, but you are not going to build a successful company only by watching them.
“You need to look at your client, understand his needs, and how these needs are changing. These needs change day by day and you need to deliver on these.
“For us it’s business as usual – we will be aware of them and pay attention to them – but let’s make certain that we understand our clients first,” he said.