Capitec Bank is a South African
retail bank
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
. As of August 2017 the bank was the second largest retail bank in South Africa, based on number of customers, with 120,000 customers opening new accounts per month.
Overview
The bank maintains 850 retail branches nationwide, 3418 own or partnership ATMs and has over 6.2 million customers, according to the 2015 Chief Financial Officer's Report.
Of these customers, 309 000 are online banking customers and 3.5 million are mobile banking customers.
According to the annual results for the 2015 financial year, the asset base of Capitec Bank was in excess of R53.9 billion, with R11.6 billion in equity, and with retail savings deposits increasing by 32 percent for the year to R19.3 billion and retail fixed savings increasing by 19 percent to R10.7 billion for the year.
Earnings and headline earnings for the 2015 financial year amounted to R2.547 billion compared to R2.017 billion in 2014, and net transaction fee income amounted to R2.6 billion.
The bank offers its clients the Global One account, which is a transacting/savings account and credit facility rolled into one.
When it comes to customer satisfaction as per the results by South African Customer Satisfaction Index (SAcsi) in 2015, Capitec Bank comes first with 82.2 points. Capitec Bank has emerged as the best bank in the world by International banking advisory group Lafferty in its inaugural Bank Quality Rankings.
As of February 2017 "the majority, more than 5.5 million, of Capitec clients pay
dless than R50 per month in bank costs."
Business model
The bank operates as a
retail bank
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
that serves both individuals and businesses, but does not provide business banking for close corporations, companies, partnerships or trusts. It claims to focus on simplifying the banking experience, according to their literature.
Capitec's business model is focused on providing a value to its customer(s) by providing low costs, giving customers the freedom to pay as they transact, and by offering the highest interest rate on deposits.
See also
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List of banks in South Africa
This is a list of commercial banks in South Africa
Banks Locally controlled banks
* Absa Group Limited
* African Bank Limited
* Bidvest Bank Limited
* Capitec Bank Limited
* Discovery Limited
* First National Bank
* FirstRand Bank - A subsi ...
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Johannesburg Stock Exchange
JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange) is the largest stock exchange in Africa. It is located in Sandton, Johannesburg, South Africa, after it moved from downtown Johannesburg in 2000. In 2003 ...
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Economy of South Africa
The Economy of South Africa is the third largest in Africa and the most industrialized, technologically advanced, and diversified economy in Africa overall. South Africa is an upper-middle-income economy, one of only eight such countries in Africa ...
References
External links
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{{Banks of South Africa
Banks of South Africa
2001 establishments in South Africa
Companies based in Stellenbosch
Companies listed on the Johannesburg Stock Exchange
Banks established in 2001