Capitec just saw its largest customer uptake ever in January

Capitec Bank has experienced its highest single-month uptake to date, with over 266,000 new clients joining the bank in January 2019.

The company also announced that more than 4 million people were now using its banking app and the bank now boasts 800 physical branches nationwide.

While Capitec is expected to release its updated financial results in the coming weeks, its unaudited financial results for the six months ended 31 August 2018 showed that the bank had around 10.5 million active clients.

The bank could see further growth in 2019 on the back of its plans to build a business-banking division as it diversifies away from riskier unsecured lending.

In November it announced its acquisition of shares in Mercantile Bank in a move to formally enter the business banking space.

Speaking to BusinessTech, Capitec CEO Gerrie Fourie said that the bank also had a number of developments in the pipeline for 2019.

This will include the further development of its funeral plan offerings and improved credit offerings.

The bank has also confirmed that it plans to launch ‘tap-and-go’ functionality for Capitec cards sometime in 2019.

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Capitec just saw its largest customer uptake ever in January