Capitec is adding 180,000 new customers every month

Financial services group, Capitec says it has over 15 million active clients, and is adding 180,000 monthly to its base.

Gerrie Fourie, chief executive officer at Capitec, said: “When we first opened our doors in 2001, we set our target at 5 million clients. As we’ve continued to challenge the norms of traditional banking, South Africa has responded, and our client base continues to grow rapidly. This year we have welcomed over two million new clients.”

Fourie said that the bank was built on simplicity, affordability and personalised service, and with every new product introduced, these principles remain in focus.

“With the addition of, most recently, our virtual card, in-app scan to pay functionality and home loans offering we’ve built our products around these principles and put clients’ needs first.

“For instance, we’re the only bank to offer scan to pay that’s compatible with all major QR payment providers. A simple feature, but one that brings big convenience.

“As we move into 2021, we look forward to continue challenging the norms of traditional banking and bringing our clients a world-class banking experience,” said Fourie.

Shifting behaviours

In an August interview, Fourie told What’s Next in Finance host Aki Anastasiou that the bank has seen some changes to customers’ banking behaviour during the Covid-19 pandemic and nationwide lockdown.

The biggest swings were seen in the high-income bracket, where there was a major shift to embrace digital banking and online communication. However, in the low-income bracket, cash remains king.

“At lower-income levels, there was no real change or swing (in behaviour), because they are very cash-dependent. We expected a big cash reduction, but it was actually very small,” Fourie said.

This posed an interesting challenge for Capitec and other banking groups, he said – how to get lower-income groups to be less cash-dependent.

Read: Here’s how much the average South African owes on their credit card

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Capitec is adding 180,000 new customers every month