Capitec has announced that it has hit a key milestone, now banking over 20 million clients.
The bank’s CEO Gerrie Fourie said that this cements the group as the largest retail bank in South Africa by customer numbers, with a client base larger than the populations of Malawi, Zambia and the Netherlands.
Fourie announced the milestone in a celebration of the bank reaching 22 years old.
The bank doubled its clients from 5 million in 2013 to 10 million in 2019 and from 10 million to 20 million in the last four years. The bank boasts over 1.3 million active credit clients, 2, 200 home loan clients, and 2.2 million funeral cover clients.
The bank also now employs over 15,000 employees.
Fourie said that introducing a mobile app was instrumental to the company’s growth, noting that over 11.4 million clients use the app for their daily banking.
Capitec has been on a consistent drive to become an all-around financial services company. Over the past few years, it has moved into telecommunications, insurance and business banking.
“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 and simplifying their banking experience to make it more convenient,” Fourie said.
“At our heart lies innovation and the seamless implementation of new ideas based on our founding principles – simplicity, affordability, accessibility, and personal service. Our growth and success over the years reflect our obsession with our clients and unwavering focus on providing simple, affordable, and transparent banking solutions that help countless South Africans live better.”
The bank has said that it is looking into purpose lending products, a new remote onboarding process, as well as new digital products and value adds.
It has been the CEO’s goal to bank 95% of the country’s population. According to Statistics South Africa’s latest mid-year population estimates for 2022, the country has a population of around 60.6 million.
In turn, this means that Capitec currently banks roughly 33% of the country.
The group’s target market sector includes those seeking an affordable banking experience. In September last year, Fourie said that the bank builds itself around the client’s needs at an affordable cost – not around how other banks do business.
According to the Solidarity Research Institute (SRI), Capitec is the most affordable bank for middle-income clients.
Roadblocks to the company’s development have been the poor level of digital literacy in the country.
As a result, Capitec has taken it upon itself to prioritise the role of data in the digital economy and has been on massive skills drive to hire talented people focused on technology.