Capitec Bank

Capitec Bank is one of the millennium banks in South Africa. The bank which began in March 2001 has come of age to establish itself among the banks to count in the country. In fact, the bank of only fifteen years has pushed its head beyond the country and even Africa as regards performance.

The bank was founded by the South African billionaire, Michiel le Roux, and Riaan Stassen. It is a commercial bank which has been licensed by the reserve bank of the country, and it provides services to both individuals and institutions. The bank was listed on Johannesburg Stock Exchange market in 2002.

Capitec Bank Growth

Fifteen years after its formation, the South African bank has grown significantly to have over 7 million customers. Over a million of these customers joined the Bank between 2015 and 2016, which shows a rapid growth for the bank.

Also, with its headquarters in Stellenbosch of Western Cape Province, the bank has a total of 720 branches nationwide. 53 of the branches were added between 2015 and 2016. It has over 3700 owned and partnership ATMs spread across the country.

The bank had over 11 thousand people working for it as at 2016. Its total assets in the same year were put at R62.945 billion, while its total equity was put at R13.659 billion. As at 31st august 2016, the bank recorded a 19% headline earnings which took its earnings in six months to R1.8 billion.

For a career with the bank, one can check Capitec vacancies on its website. On the site, on can see through the various jobs there are, or sign up to receive job alerts from the bank whenever there are openings. Jobs one can find with the bank include branch network, administration, corporate sales, business development, Business process improvement, contact center, and credit management among others.

Capitec Internet Banking

Capitec online banking has been seen among the best in the country. Between 2012 and 2016, the bank has maintained a high standard as regards its online activities.

This is as shown by Columinate’s 2016 SITEisfaction report. The report takes a survey of 10,000 banking clients in the country, as regards digital banking, which includes Mobile banking as well as internet banking.

Capitec online banking has been seen as the 2nd best in 2016, only after FNB. While FNB stood at a distant 80%, Capitec stood at 69% above standard bank (61%), Nedbank (59%), and Absa (54%).

Competition for the best online banking in the country has in the years (2012 to 2016) been between Capitec Bank and FNB. In 2012 and 2014, Capitec had 70% and 71% to FNB’s 98% and 69% respectively. In 2013 and 2015, FNB maintained 75% to Capitec’s 62%. The listed banks have always maintained a lead above others.

Capitec Bank app designed for mobile phone users has enjoyed large usage among its customers. The application as at February 2016 was used by over 57% of the bank’s customers. This translated to 4.2 million of its 7.3 million overall active customers.

The bank has announced that it would partner with South Africa’s Department of Home Affairs to produce a biometric database which would aid against identity fraud. This is for its mobile app.

Performance and Services

Among the banking services the bank provides is loan services. Capitec loan services are provided to both individuals and corporate organizations. It provides credit plan of up to R250 000 in cash for between 1 to over 84 months. More so, the bank has credit insurance plan for loans services longer than six months to cover unforeseen circumstances.

The bank has kept emerging as one of the best-performing banks in South Africa. According to findings by the South African Customer Satisfaction Index (SAcsi), the bank has outperformed others by topping at 83.8%, while FNB came behind it at 79.8%.  The findings were drawn on the basis of quality, perceive value, customer loyalty, and low level of complaints as well as complaint resolution.

The research pulled over 16,500 clients of the banks surveyed; Capitec, FNB, Nedbank, Absa and Standard Bank. Top clients, middle class, as well as mass clients, were involved in the study.

In the same study in 2015, Capitec bank emerged best securing 82.2%, while FNB was at 79.3%. In both 2015 and 2016, standard Bank was bottom with 73.7% and 73.0% respectively. Nedbank recorded 74.8% and 75.6% respectively, as Absa stood at 74.8% and 74.3%.

In the two years, Capitec bank, FNB and Nedbank recorded better performances, while Absa and Standard Bank shrunk in performance.