Capitec’s last founder says goodbye
Capitec Group CEO Gerrie Fourie has said goodbye to the company after serving as CEO for over a decade.
Capitec announced earlier this year that Fourie would be taking early retirement after serving as the Group CEO since early 2014.
Speaking at the group’s AGM, Fourie reflected on his time at the bank, with personal banking CEO Graham Lee taking over from 19 July 2025.
Fourie has overseen a massive change at Capitec. The group started as a microlender in 2001 and has grown into the nation’s largest bank by customer numbers with 24 million clients.
Fourie said that, looking back, the group was crazy for taking on the four traditional banks, which it has now surpassed in terms of customers.
The bank is now a fully diversified financial service provider, offering business banking, insurance products, an MVNO and digital banking capabilities.
Since unbundling from the PSG Group, the company’s headline earnings have increased from R30 million in 2003 to R2.5 billion in 2015 and R13.7 billion in 2025.
The group’s equity has improved from R428 million in 2003 to R11.5 billion in 2015 and now R50.1 billion in 2025.
The company’s clients jumped from 25,000 customers in 2003 to 24.1 million in February 2025. Fourie said the group should break 25 million customers by the end of July.
Its branch network has also increased from 266 to 880 in the 22 years, while its number of ATMs rose by 58 to close to 8,800.
He noted that a key part of Capitec’s success has been its “CEO” strategy, where everyone must act as a CEO, focusing on the client, bringing energy and taking ownership.
Last founder to leave
Fourie is the last founding member of Capitec to oversee the group’s day-to-day activities.
Capitec originated from the PSG Group’s microlending business, where the group bought SmartFin and FinAid, which had 68 microlending branches.
After some management changes at PSG in 2000, the microlending business was spun out as a subsidiary of its banking business, with Capitec established in 2001 in Stellenbosch.
The new group received large amounts of equity capital from PSG and was unbundled and listed on the JSE in 2003.
With a background in the alcohol industry, Fourie joined the group in 2000 when he was introduced to fellow co-founder Michiel le Roux.
Fourie launched the bank alongside PSG Group founder Jannie Mouton, Michiel Le Roux, and Riaan Stassen, the latter two of whom were the CEOs before Fourie.
Despite being large shareholders, none of the original founders have been active in the group’s day-to-day activities over the last few years.
Delivering his final address at the company’s AGM, Fourie tearfully thanked Capitec’s employees who had done their jobs with passion, the board for their guidance and support, and to his family for being there for what was an incredibly tough job.
As Fourie bid an emotional farewell to the company and exited the bank’s headquarters in the Cape for the last time as CEO, he was applauded by employees who lined the halls at his parting.
Employees shared messages and well-wishes, saying goodbye to an executive who very clearly impacted those he led and who hold him in high regard.
“A CEO who never asked to be called Mr Fourie, who loved spending his time with his people and will be remembered for the lives he changed through building this business by walking the streets,” said Capitec marketing manager, Crystal Van Reenen.
“Gerrie leaves behind a legacy defined by humility, integrity, and servant leadership. He led not only from the front of the line, but within it – never skipping queues in the canteen or coffee shop, never seeking the spotlight, but always championing the values that built Capitec,” said Live Better manager, Ronele Coetzee.
“We bid farewell to our CEO, Gerrie ‘Pappa G’ Fourie. What a journey he’s walked, and such an inspiring one at that,” said Capitec’s Coordinator on Financial Education, Nqobile Hlophe.
What’s next for Fourie
Fourie said he won’t be leaving Capitec entirely, despite stepping down from the role. He will remain involved for a couple of years and hopes to one day join the board.
He said he is optimistic about the future of the group and believes that Capitec will reach new heights under Lee’s leadership.
Capitec’s long-term strategy will focus on establishing a global brand, which Fourie will help with.
In the near term, Fourie said that he plans to spend more time on his passions, which include conservation and tourism.
He is a part owner of the Gondwana Game Reserve in the Western Cape, where he wants to restore conservation, promote tourism, and develop golf at the estate.
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