Capitec profits soar. With 22m customers, it's now SA's biggest bank

Catch up on the latest business news with Zinathi Gquma on The Money Minute. 

Listen to the discussion below.

Capitec Bank continues to soar, cementing its name at the top of the digital banking space. 

Headline earnings grew 16% to R10.6 billion for its financial year to 29 February 2024. 

Its client numbers grew 10% to 22.2 million. 

“To put that into context, that’s more than a third of South Africa’s population. It also translates to Capitec now being the biggest bank according to customer numbers.”

- Zinathi Gquma, The Money Minute

Gquma says people often forget how far Capitec has come, from a basic retail bank to one with a large and diverse offering. 

“They have quite a number of offerings now, from insurance to funeral policies and they even have Capitec Connect, a prepaid mobile service… They even have business banking.” 

- Zinathi Gquma, The Money Minute

Capitec recently acquired international Fintech group AvaFin, which operates in Poland, Spain, and Mexico. 

Scroll up to the audio player to listen to the interview.