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Shore Africa > Hot news > Business > Capitec Bank: South Africa’s $19 billion retail banking giant with 22.1 million customers
Capitec Bank
BusinessHot News

Capitec Bank: South Africa’s $19 billion retail banking giant with 22.1 million customers

Founded in 2001, Capitec has grown into Africa's largest retail bank by market size, assets, and customer base.

Omokolade Ajayi
Last updated: January 10, 2025 10:03 am
Omokolade Ajayi Published January 10, 2025
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Capitec Bank
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At a Glance


  • Capitec Bank operates 846 branches and 8,382 ATMs across Africa, serving 22.1 million active clients and 11.2 million app users.
  • Founded in 2001, Capitec has evolved into South Africa’s largest digital and retail bank, offering simple, customer-first banking solutions.
  • Capitec’s acquisition of Avafin boosts its international reach, diversifying income and supporting its risk management strategy.

With a vast network of 846 branches and 8,382 automated teller machines (ATMs), including dual note recyclers (DNRs) and coin and note recyclers (CNRs) across Africa, Capitec Bank has firmly established itself as the largest digital bank in South Africa.

Capitec Bank’s banking app reaches 12.4 million clients, as reported in its unaudited results for the six months ended August 30, 2024. (Image courtesy of Capitec Bank).

It boasts a market capitalization of $19 billion and serves 22.1 million active clients, including point-of-sale (POS) merchants. Its retail banking app has also attracted a strong user base of 12.4 million, underscoring its dominance in Africa’s retail banking sector.

Capitec Bank: Two decades of growth

The journey to becoming South Africa’s leading digital and retail bank began 24 years ago on Mar. 1, 2001, when founders Michiel Le Roux, Jannie Mouton, and Riaan Stassen launched Capitec Bank. Le Roux, a former executive of Boland Bank, envisioned a financial institution catering to South Africa’s emerging middle class.

Originally named Daxacom, the bank was listed on the Johannesburg Stock Exchange as Capitec Bank Holdings on Feb. 18, 2002. In its early days, it targeted the low-income retail market, achieving significant success before evolving into a full-service retail bank offering both personal and business banking solutions.

Capitec’s business model emphasizes simplicity, allowing customers to perform transactions, save, insure, and access credit through a seamless experience. It caters to enterprises of all sizes, from startups to established corporations, by providing tailored payment, credit, savings, and insurance solutions to support growth.

Capitec Bank aims to make financial services more accessible and user-friendly. (Image courtesy of Capitec Bank’s website).

Its mission to simplify banking has driven innovation, transitioning from traditional banking services to cutting-edge digital solutions that empower customers to take control of their finances. This customer-first approach, combined with cost-effective services and competitive interest rates on deposits, has fueled Capitec’s expansion. Today, it stands as Africa’s largest retail bank by market size, assets, and customer base.

Capitec expands international reach

As part of its growth and internationalization strategy, Capitec Bank has explored new opportunities, including the acquisition of Avafin Holding Limited, a Polish international online consumer lending group.

The bank initially acquired a 40.66 percent stake in Avafin (formerly Cream Finance Holding Limited) in 2017, gaining valuable insights into global markets. In 2024, it increased its stake to 97.69 percent with a €26.3 million ($27.1 million) purchase. This move aligns with Capitec’s goal to diversify its income sources and manage risks effectively in international markets.

Capitec Bank’s ‘About Us’ section, outlining its mission to provide accessible, cost-effective banking solutions. (Image courtesy of Capitec Bank’s website).

Capitec’s continued focus on innovation and client-centric solutions has yielded impressive results. For the six months ending Aug. 31, 2024, the bank reported a 36 percent growth in headline earnings, reaching R6.4 billion ($337.7 million), compared to R4.7 billion ($248.1 million) in the same period of 2023.

Net transaction and commission income grew by 19 percent to R6.9 billion ($364.2 million), while value-added services and Capitec Connect revenue surged by 79 percent, totaling R2 billion ($105.5 million). Total assets increased from R200.5 billion ($10.6 billion) to R222.73 billion ($11.75 billion), while share capital and reserves rose from R39.3 billion ($2.08 billion) to R45.9 billion ($2.42 billion).

Digital growth redefines banking

Capitec Bank’s continued focus on innovation and customer satisfaction is reshaping the banking experience for millions in South Africa and beyond. The bank demonstrated its growing influence during the 2024 Black Friday weekend, solidifying its position as Africa’s leading digital bank and the recipient of the 2024 “Coolest Bank” award. 

Capitec Bank’s achievements and awards, highlighting its continued excellence in the banking industry. (Image courtesy of Capitec Bank’s website).

Client spending surged by 27 percent year-on-year, totaling R25.45 billion ($1.34 billion). This impressive growth was driven by the bank’s app, which saw 27 million logins on Black Friday alone—a remarkable 51 percent increase compared to 2023.

The app’s automated transaction categorization feature played a key role in enhancing user experience, enabling clients to effectively track and manage expenses in categories such as groceries, transport, and accommodation.

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Feyisayo Ajayi 250 Articles
Feyisayo Ajayi is the Publisher and Co-founder of Shore Africa, the flagship media brand under the Travel Shore umbrella. He brings over a decade of multidisciplinary experience across media, finance, and technology. Feyisayo holds a bachelor’s degree in Geology from the University of Ibadan, Nigeria.
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