New and existing banks are targeting similar markets to Capitec’s, hoping to eat its lunch.
Capitec ’s success has put a target on its back, with competitors like TymeBank and the new bank from Old Mutual wanting to go after its market share.
Anchor Capital analyst Harry Botha says the bank still has meaningful growth potential over the next decade.Old Mutual filed its section 17 application earlier this year and received approval from the Prudential Authority to launch its bank in April 2024. OM Bank will target the upper mass market and lower affluent customers who earn between R5,000 and R80,000 per month.
The company said building a bank is crucial to its plan to establish a fully integrated financial services ecosystem and its clients’ primary point of contact.Patrice Motsepe-funded TymeBank also poses a significant threat to Capitec. It offers affordable banking through its online platform and at in-store kiosks at major retailers.
Coenraad Jonker Gerrie Fourie Headline Iain Williamson Old Mutual OM Bank Tymebank Banking
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