Capitec Bank – 12 Facts About South Africa’s Second Largest Retail bank

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

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 such as Standard Bank, Absa, Nedbank, and FirstRand.

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Before the rating announcement, Capitec Bank was the second-largest retail bank in South Africa, based on the number of customers, with 120,000 customers 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 on taking a longer-term view that is in the best interests of their customers,” said Michael Lafferty of Lafferty Group.

When a bank prioritizes its customers as much as Capitec does, one can easily understand why it is rated the best bank globally. Oftentimes, many banks focus too much on the financial aspects of ‘banking’ and not enough on the customers and their satisfaction, forgetting that customer satisfaction affects the financial bottom line.

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Another place where many banks go wrong is not valuing mobile and online banking as much as they should; clearly, Capitec Bank does not have this problem. Capitec Bank has made online and mobile banks so effortless and convenient, and this simple move has won over the people to the point that they have over a hundred thousand new customers every month.

Here are more facts about the banks that one should know:

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Quick Facts About Capitec Bank

1. Capitec Bank was established on 1 March 2001 with its International partners, including MasterCard and Visa.

2. 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.

3. Capitec’s business model focuses on providing value to its customers by providing low costs, giving customers the freedom to pay as they transact, and offering the highest interest rate on deposits.

4. The bank has over 800 branches with over 8,569,000 active clients. This number increases each year.

5. The bank’s branches are mainly situated on main commuter routes and in malls to enable customers to access their money within a short distance.

6. Customers can locate the bank’s nearest branch across South Africa using the Capitec Bank’s branch locator.

7. Capitec runs what they call a paperless banking system which means customers will never have to fill in the same forms repeatedly.

8. Following the advent of online banking, Capitec Bank has over 309,000 online banking customers while over 5.8 million are mobile banking clients.

10. 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.

11. For those worrying about 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 any bank at any Pick n Pay, Boxer, Checkers, and Shoprite stores at a flat fee of just R1,50

12. When it came to customer satisfaction, as per the South African Customer Satisfaction Index (SAcsi) results in April 2016, Capitec Bank emerged best in South Africa with a satisfaction score of 83.3%.

13. As of the end of February 2017, Capitec had headline earnings of R3.8 Billion with a 27% return on equity and retail savings deposits of about R48 billion (an increase of R10.2 billion). It equally has an asset base of over R73 Billion and total equity of R16.1 billion.

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Rachael Gumede
Rachael Gumede
Rachael is a content developer and a huge music geek. Her natural storytelling abilities combined with her quick thinking, and critical evaluations makes her the queen of addictive stories. When she is not writing about people and events that matter, she is probably listening or dancing to some real, cool jams.
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