Capitec Bank

About Capitec Bank

Capitec was founded in 2001 by Jannie Mouton as a microlender. The bank targeted lower income South Africans who were underserved by traditional banks. Capitec simplified banking with transparent fees and easy to understand products. The bank grew to become one of the largest in South Africa by market capitalization. Capitec pioneered the Global One account, combining transactional banking, credit, and savings in one product. The bank expanded internationally by acquiring a stake in Hamlin Bank in Tanzania. Capitec demonstrated that serving lower income customers profitably was possible with the right technology and business model. The bank has been praised for disruption but criticized for the high cost of its credit life insurance.