In just 22 years of its existence, Capitec has far surpassed the number of customers that the 185-year-old FNB or 160-year-old Standard Bank could attract in over a century. | News24_Business
Capitec has reached a milestone of 20 million customers, exceeding that of much older banks such as Standard Bank or FNB.It says this milestone is only the start of what's to come.In just 22 years of its existence, SA's biggest digital banker Capitec has surpassed the number of customers of its 185-year-old rival FNB, or 160-year-old Standard Bank.
Capitec, which turned 22 on 1 March, has reached a 20-million client milestone. It officially has more clients than the populations of either the Netherlands, Zimbabwe or Senegal. "We are incredibly grateful for the trust that over 20 million clients have placed in us. We have spent years trying to meet and exceed our clients' needs at every step of their financial journey. At Capitec, it's about the client," said Capitec CEO Gerrie Fourie.
In those 22 years, Capitec's share price moved from less than R1 to more than R1 600. It climbed as high as R2 273.48 on 4 April 2022. Capitec has looked to shake up how banks operate, opening its branches till much later in the day and servicing customers on weekends too. It later switched from a primarily in-branch service bank to offer more of its services on a mobile app, including loan applications, which it processes in real time.
But the bank grew much more rapidly in the past four years. It took six years to double its clients from 5 million in 2013 to 10 million in 2019. But from 2019 to March 2023, it added another 10 million people. Over those years, the bank also rapidly expanded to new areas like student loans, home loans, vehicle loans and business banking. It
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