Capitec Bank: 12 Facts To Know About The World’s Best Bank

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It’s good news for South Africa as some of its banks are rated the best banks in the world. Interestingly, Capitec Bank is rated world’s best for the second successive year.

Despite being downgraded to junk status by credit ratings and the recent recession, Lafferty Group’s Global Bank Quality rated Capitec Bank as the best bank in the world.

Basing its ratings on information available in the public domain such as each bank’s business model, assessed in terms of factors like strategy, culture and management, Lafferty Group rated Capitec Bank as the only bank in the world to achieve five stars beating other global leaders such as HSBC, Goldman Sachs and JPMorgan Chase and local contenders Standard Bank, Absa, Nedbank and FirstRand.

Read Also: World Bank Warns SA To Stop Excess State Spending

The bank, prior to the rating announcement, Capitec was the third largest retail bank in South Africa, based on the number of customers, with 120,000 customer opening new accounts every month.

“The world’s best banks are not the giant universal banks or those banks that try to mimic them, but those that are focused taking a longer-term view that is in the best interests of their customers,” said Michael Lafferty of Lafferty Group.

Quick Facts You Must Know About Capitec Bank

  • Capitec Bank was established on 1 March 2001 with its International partners including MasterCard and Visa
  • Capitec Bank 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 customers by providing low costs, giving customers the freedom to pay as they transact, and by offering the highest interest rate on deposits
  • The bank has over 800 branches with over 8,569 000 active clients. This number increases each year.
  • The bank’s branches are mainly situated on main commuter routes and in malls, to enable customers to access their money withing a short distance.
  • Customers can locate the bank’s nearest branch across South Africa by using the Capitec Bank’s branch locator 
  • Capitec runs what they call a paperless banking system which means customers will never have to fill in the same forms over and over again
  •  Following the advent of online banking, Capitec Bank has over 309 000 online banking customers while over 5.8 million are mobile banking clients.
  • Unlike most banks, customers can open Global One Account – a personal banking solution that allows customers to save, transact and access credit. It is a transacting/savings account and credit facility rolled into one.
  • For those worrying why the bank’s ATMs are scarce, it is interesting to know that customers do not need a Capitec Bank ATM to draw cash. This is because the bank places no charges on cards. Thus, you can draw cash from bank at any Pick n Pay, Boxer, Checkers and Shoprite stores at a flat fee of just R1,50
  • When it comes to customer satisfaction as per the results by South African Customer Satisfaction Index (SAcsi) in April 2016, Capitec Bank emerged best in South Africa with a satisfaction score of 83.3%.
  • As at the end of February 2017, Capitec had headline earnings of R3.8 Billion with 27% return on equity and retail savings deposits of about R48 billion (an increase of R10.2 billion). It equally has an asset base in excessof R73 Billion  and a total euity of R16.1 billion

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