Capitec is now the biggest bank in South Africa

A new financial data has been released and it indicates that South Africa’s Capitec Bank is the country’s biggest retail bank. This is in terms of customer numbers, Capitec has the leading share in the market.  

Banking data has shown that Capitec’s competitors (FNB, Nedbank, Standard Bank and Absa) have fallen short at becoming the top bank. Out of the now Top 5 banks of South Africa all have released data and shown growth except for Absa bank.

Absa bank has stated that they no longer find it necessary to publish their customer numbers, but year by year data has shown Absa has been on a downward curve since 2016, with the customer numbers being 8.65 million in interim of 2017.

Customer numbers for FNB are 8.15 million, Standard Bank 8.1 million, Nedbank 7.65 million while Capitec Bank customer numbers are 9.9 million. Capitec has said that it has noted an average 100,000 new customers joining its ranks every month.

Without the Absa data the report won’t be completely accurate but Absa rebranding and repositioning as well as it expressing it goal to return as a market leader. The top 5 banking battles for dominance is not the complete picture for the banking industry in South Africa.

There is new entrance coming in to the South Africa banking market, which includes TymeDigital and Bank Zero on the digital front. Discovery Bank is expected to be the next major player in the future, other banks entering are Old Mutual and Africa bank.

 

Source: businesstech.co.za

 

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