Capitec earns more from transactions despite cutting banking fees
Bank still has the magic touch as it adds 200,000 clients a month despite arrival of low-cost competitors
Capitec said on Thursday its focus on personalised service resulted in it adding 200,000 new clients per month in the six months to end-August, when the group grew its client base to 12.6-million.
The group is facing stiff competition in the form of new banking entrants, including TymeBank and Discovery Bank. Capitec said its focus on digitalisation was paying off. A switch to digital transactions by clients resulted in net transaction fees rising 12%, despite the bank lowering fees.