Capitec Bank

Capitec Bank is a South African retail bank. With 120,000 clients establishing new accounts each month, the bank was the second-largest retail bank in South Africa as of August 2017.

According to the Chief Financial Officer's Report 2015, Capitec Bank has 850 retail branches nationwide, owns 3418 ATMs, and serves more than 6.2 million customers. Of these customers, 309 000 are online banking customers and 3.5 million are mobile banking customers. Also in 2015, annual reports show Capitec Bank has assets of more than Rs 53.9 billion with equity of Rs 11.6 billion. Retail fixed savings increased 19% to Rs 10.7 billion on the year, while retail savings deposits increased 32% on the year to Rs 19.3 billion.

Regarding the business model, Capitec asserts that it concentrates on making the banking process simpler. Specifically, the bank operates as a retail bank serving both individuals and businesses rather than providing business banking to corporations, partnership firms, or close trusts. The core of Capitec's business strategy is to add value for its consumers by giving the greatest deposit interest rates and minimal fees that allow clients to pay as they go.

According to the South African Customer Satisfaction Index (SAcsi) 2015 statistics, Capitec Bank has the highest customer satisfaction rating (82.2 points). Additionally, in the inaugural Bank Quality Ranking, the global banking advisory firm Lafferty named Capitec Bank as the finest bank in the world. As of February 2017, more than 5.5 million Capitec customers are said to spend around R50 per month on the bank's expenses.

Industry: Banking financial services
Founded: 1 March 2001
Headquarters: 5 Neutron Street, Techno Park, Stellenbosch, Western Cape, South Africa

Website: https://www.capitecbank.co.za/