Capitec CEO Gerrie Fourie talks about the reality of banking a third of South Africa’s population – and why you won’t see a private banking option any time soon.
While Capitec banks more than 21 million customers in South Africa, only a third of those clients are core clients taking up products and transacting frequently.
However, he stressed that the 21 million accounts are not dormant. He said the 21 million clients Capitec counts are what it considers active clients, which the bank is earning some form of income from.Fourie said that simply counting accounts would show Capitec with 26 million or 27 million ‘clients’.
“We also have 11 million digital clients – the question is how do we get these clients to take up more products and transact with us and to optimise it?”
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