Capitec has cemented its status as SA’s largest retail bank by customer numbers with the announcement that it has reached the 20-million clients milestone.
In an announcement celebrating its 22nd anniversary, Capitec said it now had more clients than the populations of either the Netherlands (17.53-million), Zambia (19.47-million) or Malawi (19.89-million). A total client base of 20-million would also suggest that Capitec’s client base is equivalent to almost 35% of SA’s population of 59.39-million people.
“We are incredibly grateful for the trust that over 20-million clients have placed in us,” said Capitec’s CEO Gerrie Fourie. “We’ve built a considerable client base over 22 years that trust us to deliver a simple and transparent service.”
Capitec, which now has more than 15,000 employees, has grown its client base from about 5-million in 2013 to 10-million in 2019. It says the introduction of its mobile app has been instrumental in that growth, with more than 11.4-million clients now using the Capitec app for payments, transfers, airtime purchases and vouchers.
These clients signed into the app 82-million times in February alone while a further 18-million made card purchases and 5-million used their cards to shop online in that month. Capitec also has more than 1.3-million active credit clients, 2,200 home loan clients and 2.2-million funeral cover clients.
“One of the biggest lessons we’ve learnt as a bank over the last 22 years is the importance of keeping things simple,” said Fourie.
“That's why we continue to offer a single Global One bank account without complicated point systems or tiers to determine the service quality we offer a diverse group of clients. This has significantly reduced our operational complexity and costs while simplifying the client experience.”
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