Cape Town - Capitec has overtaken South Africa’s established banks as the most popular in the country with at least 120 000 customers opening accounts with the bank each month.
Capitec head of communications Charl Nel on Wednesday said that data from consumer research group Nielsen showed that the bank had become the country’s preferred and most-used primary lender, with more clients than both FNB and Nedbank.
Nel said the this made Capitec the third largest retail bank in the country based on number of customers according to banking industry interim results of last August.
“These results are testament to the success of our vision and values, keeping our costs low, giving customers the freedom to pay as they transact as well as offering the highest interest of 5.35 percent on a positive bank balance,” Nel said.“With over 120 000 customers opening accounts at Capitec Bank every month for a simplified and affordable banking solution, by far the majority, more than 5.5 million, of Capitec clients pay less than R50 per month in bank costs.”
Nel said the survey revealed that three out of 10 (29 percent) banking customers chose Capitec as their primary bank, 11 percentage points more than FNB’s 18 percent, while Absa was at 17 percent, Standard Bank 15 percent and Nedbank 10 percent.
He said Capitec was also the most affordable bank in South Africa.
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Francois Viviers, marketing and communications executive at Capitec Bank, said the bank now operated 800 branches across the country with a staff compliment of 13 000.
Viviers said 300 branches were opened for seven days a week, making it easier for clients to do banking even during weekends.
He said the bank would continue to grow its distribution as there was strong demand by its clients.
“We view this report by Nielsen as confirmation that Capitec is on the right path, and that the Capitec Brand resonates with people who want to be smart about the way they manage their money,” Viviers said. “We also view this vote of confidence as strong motivation to continue to work hard in improving our offer, to help people manage their financial lives better.”