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.