Capitec co-founder Michiel le Roux once said, “Banking is ultimately simply about IT.”
Being able to build its IT infrastructure from scratch gave Capitec a significant advantage over South Africa’s incumbent banking giants, Absa, FNB, Nedbank, and Standard Bank., author TJ Strydom underscores how the upstart bank’s lack of legacy technology baggage allowed it to take on the big players — and win.that they had built the entire bank for R300 million. Of that, around R120 million went into hardware and software.
Standard Bank’s results showed that it allocated R2.7 billion in South Africa for IT infrastructure that year, and Absa and Nedbank R2.1 billion each.These costs were also growing every year. By 2015, Standard Bank’s IT spending was R5 billion, growing to R5.4 billion three years later. Strydom was Capitec’s operations boss until 2007. He currently serves as executive of strategic initiatives.
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