As it diversifies into a financial services group.
Capitec, South Africa’s leading digital bank, has announced strong results, with earnings up 16% to R10.6 billion for the year ended 29 February 2024.
“This cemented our position as the country’s top digital bank and produced strong results in a challenging economic environment.” Capitec Pay processed 134 million transactions with a value of R26.7 billion – 83% of all financial transactions are now cash-free. “We have over two trillion data points, which helps us anticipate our clients’ needs, develop better products, and communicate with our clients in a more relevant way. Our ‘next best actions’ deliver tips to clients on how to bank better, and we send over 40 million messages to our clients through their app, email, and SMS every month.”Capitec is growing faster in the higher income segment – clients with inflows of over R15 000 per month into their Capitec account have increased by 17%.
Capitec’s Credit Card offers higher-income clients the optimum card to use while travelling, with no currency conversion fees and travel insurance of up to R5 million, while also paying 1% back on every rand spent.Capitec has diversified its retail credit from traditional term credit to access facilities, credit cards and purpose lending for education, vehicle finance, home improvement and secured home loans.
“Our retail credit portfolio has transformed over the last two years, focusing on building a higher-quality loan book through 141 granting model changes in the past year and stricter credit granting criteria,” says Fourie. “We strive to offer digitally led, relationship-based business banking accessible to all South African businesses, big or small,” says Fourie.
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