The Capitec train continues to roll. Following last year’s nomination as the world’s best bank by Lafferty International, the latest Nielsen data highlights how it’s extended its lead over SA’s ‘Big Four Banks’ to become the most-used primary bank in the country. And investors are also enjoying this run. Listed on the JSE in 2002 at R2.75, the share is currently trading around the R700 mark, a sure fire way to counter inflation. A treasury funded study last year also highlighted that the entry of Capitec into banking put an extra R20bn into the pockets of consumers through introducing keener pricing on all bank charges. And with the recent credit card launch, it won’t come as a surprise if Capitec rattles a few more of the financial cages in time to come. In its short history the bank has ruffled a few of the banking heavy weight feathers. – Stuart Lowman
From Fin24
Cape Town – Capitec Bank Holdings has significantly increased its lead as South Africa’s most popular bank, with over 120 000 customers opening accounts every month.
Capitec Bank, which is now the country’s third largest retail bank, is also the preferred and most-used primary bank.
This is according to data compiled by consumer research group Nielsen. The survey was commissioned by Capitec and polled 2 328 banking clients.
Three out of 10 (29%) banking customers pointed to Capitec as their primary bank – 11 percentage points greater than FNB’s 18%. Absa tracked behind at 17%, followed by Standard Bank with 15% and Nedbank with 10%.
“These results are testament to the success of our vision and values, keeping our costs low, giving customers the freedom to pay as they transact as well as offering the highest interest of 5.35% on a positive bank balance”, said Capitec spokesperson Charl Nel.
“Capitec is also the most affordable bank in South Africa,” said Nel. More than 5.5 million of Capitec clients pay less than R50 per month in bank costs.
Capitec said last year that 648 000 new clients joined the bank in the six months to end-August.
According to Solidarity’s 2016 Bank Charges Report, Capitec was described as generally the cheapest bank for the needs of most people, despite strong competition from other banks.
Shares in Capitec were down -0.29% at R700.00 at the close of markets on Wednesday.
Nielsen’s report also provided data on the provincial breakdown, showing which bank holds the most primary accounts in Gauteng, the Western and Eastern Cape and KwaZulu Natal. – Fin24
Source: http://www.fin24.com/Companies/Financial-Services/is-capitec-your-favourite-bank-20170202-2
Capitec Bank media release
Capitec Bank is South Africa’s preferred and most-used primary bank according to consumer research group Nielsen. Capitec has more clients than both FNB and Nedbank, and is now the third largest retail bank in the country.
Nielsen’s most recent annual banking survey data show that Capitec Bank, established in 2001, has significantly increased its lead as South Africa’s most popular bank. “These results are testament to the success of our vision and values, keeping our costs low, giving customers the freedom to pay as they transact as well as offering the highest interest of 5.35% on a positive bank balance”, says Charl Nel, Head of Communications at Capitec Bank.
With over 120,000 customers opening accounts at Capitec Bank every month for a simplified and affordable banking solution, by far the majority – more than 5.5 million – of Capitec clients pay less than R50 per month in bank costs.
In the Nielsen survey, three out of 10 (29%) banking customers pointed to Capitec as their primary bank – 11 percentage points greater than FNB’s 18%. Absa tracked behind at 17%, followed by Standard Bank with 15% and Nedbank with 10%. The Nielsen data is based on responses from 2 328 banking clients.
“Capitec is also the most affordable bank in South Africa,” says Nel. In July 2016, Solidarity named it the most affordable bank for the needs of most people in its annual Solidarity Research Institute’s seventh bank charges report.
