{"id":239239,"date":"2018-04-19T13:40:46","date_gmt":"2018-04-19T11:40:46","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=239239"},"modified":"2018-04-19T13:40:46","modified_gmt":"2018-04-19T11:40:46","slug":"capitec-pulls-ahead-to-be-south-africas-top-bank","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/239239\/capitec-pulls-ahead-to-be-south-africas-top-bank\/","title":{"rendered":"Capitec pulls ahead to be South Africa’s top bank"},"content":{"rendered":"

The Publisher Research Council (PRC) and market research firm<\/span> Nielsen have launched a Publisher Audience Measure Survey<\/a><\/strong> (PAMS) which\u00a0measures trends and data of readers of around 150 newspapers, magazines and websites in South Africa.<\/p>\n

The PAMS was launched with the aim to better understand South Africa’s media-consuming audience, with a focus on publications – both physical and digital – which is not covered in great detail in the All Media and Products Survey (AMPS).<\/p>\n

The inaugural report covered in-depth survey responses from close to 18,000 people.<\/p>\n

As part of the survey, the researchers also delve into other metrics around internet access and brands – including motoring, financial institutions and retail brands.<\/p>\n

One of the stand-out\u00a0metrics to come from the report shows how Capitec has pulled away from South Africa’s other big four banks in terms of market penetration.<\/p>\n

According to the PAMS, the bank has a 23% penetration rate, compared to its closest competitor, Absa, at 13%.<\/p>\n

\"\"<\/a><\/p>\n

The PAMS data represents a publisher-consumer audience (both physical and digital) of over 22.5 million people – however it also reflects the self-reported numbers by South Africa’s local banks, which currently places Capitec as the second largest bank in the country by retail customers.<\/p>\n

At its latest reporting, the Capitec noted a client base exceeding 10 million customers<\/a><\/strong>, putting it ahead of Absa (8.75 million) and chasing Standard Bank (around 11 million). Capitec reports adding over 100,000 new customers a month.<\/p>\n

Battle for the unbanked<\/strong><\/p>\n

Aside from Capitec’s major lead, the PAMS data also reveals that a large chunk of South Africans remain unbanked.<\/p>\n

This group has gained the attention of not only South Africa’s incumbent banks, but also new entrants, who are preparing to launch digital-only (mobile) solutions to try and capture this market.<\/p>\n

On Wednesday, FNB announced that it would be launching the next evolution of its mobile eWallet, which will become a fully mobile bank account carrying no monthly fees.<\/p>\n

The bank said that it was leveraging a first-mover advantage on top of its established mobile product to try and bring banking to the lower LSM markets.<\/p>\n

According to FNB CEO, Jacques Celliers, over 1 million FNB customers already use the eWallet as their primary bank account.<\/p>\n

New entrants targeting this market include Tyme Digital and Bank Zero.<\/p>\n

\n

Read:\u00a0FNB launches eWallet eXtra \u2013 a fully mobile bank account for all phones<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The newly launched PAMS report shows how Capitec has pulled away from its competitors to be the top bank in the country.<\/p>\n","protected":false},"author":10,"featured_media":122607,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[1798,26],"class_list":["post-239239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-capitec","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/239239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=239239"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/239239\/revisions"}],"predecessor-version":[{"id":239259,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/239239\/revisions\/239259"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/122607"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=239239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=239239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=239239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}