Click here to learn more about Capitec.<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n\u201cThis growth aligns with the bank\u2019s strategy of shifting the market towards digital banking while maintaining a competitive advantage through branch service delivery,\u201d said Fourie.<\/p>\n\n\n\n
\u201cOver the last three years, we\u2019ve invested R6.3 billion in re-platforming our systems and migrating our data to AWS Cloud services, developing innovative payment solutions, and building three new businesses to unlock value for our 22 million clients.\u201d<\/p>\n\n\n\n
\u201cThis cemented our position as the country\u2019s top digital bank and produced strong results in a challenging economic environment,\u201d said Fourie.<\/p>\n\n\n\n
Massive growth<\/h3>\n\n\n\n
Capitec\u2019s earnings grew by 16% to R10.6 billion, and the Group\u2019s earnings grew by a massive 25% in the second half of the financial year ended 29 February 2024.<\/p>\n\n\n\n
This impressive growth was thanks to its diversified businesses, with non-interest income now contributing 72% of its total income.<\/p>\n\n\n\n
Capitec\u2019s strong growth didn\u2019t stop there, though. Its active client base grew by 10% to 22 million, and its app user base grew by 19%.<\/p>\n\n\n\n
Transaction volumes then increased by 21% to 9.9 billion, while transaction and commission income grew by 29% year-on-year to R14.8 billion.<\/p>\n\n\n\n
South Africa\u2019s leading digital bank<\/h3>\n\n\n\n
Fourie attributed this substantial growth to Capitec\u2019s future-focused strategy, which aligns with the customer trend of shifting from branch-based service and cash-based transactions to self-service and digital banking.<\/p>\n\n\n\n
Capitec\u2019s app increased its user base by over 180,000 per month and registered over 11 million daily logins \u2013 equal to over 500,000 people using the app every hour.<\/p>\n\n\n\n
This enabled its branches to focus more on service delivery and selling its more complex products.<\/p>\n\n\n\n
\u201cWe have over 2 trillion data points, which helps us anticipate our clients\u2019 needs, develop better products, and communicate with our clients in a more relevant way,\u201d said Fourie.<\/p>\n\n\n\n
Capitec businesses thriving<\/h3>\n\n\n\n
During the same period, the Capitec Group\u2019s other businesses have also been thriving.<\/p>\n\n\n\n
It rebranded Mercantile Bank to Capitec Business, and it delivered a whopping R478 million in profit after tax \u2013 a 23% increase year-on-year.<\/p>\n\n\n\n
This growth was attributed to the bank’s move to a new online banking platform and a single Capitec app for business and personal banking, as well as the implementation of cloud-based banking, CRM, and lending solutions.<\/p>\n\n\n\n
\u201cWe strive to offer digitally-led, relationship-based business banking accessible to all South African businesses, big or small,\u201d said Fourie.<\/p>\n\n\n\n
Capitec Insurance also gained significant market share, with active funeral policies growing by 23% and now covering over 20% of South Africa\u2019s population.<\/p>\n\n\n\n
Click here to learn more about Capitec.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Capitec experienced massive growth in its earnings and active client base for the financial year ended 29 February 2024.<\/p>\n","protected":false},"author":57,"featured_media":769173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[1798],"class_list":["post-769171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-capitec"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/769171","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\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=769171"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/769171\/revisions"}],"predecessor-version":[{"id":769175,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/769171\/revisions\/769175"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/769173"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=769171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=769171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=769171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}