Capitec eyes bigger SA market share and hints at offshore expansion
CEO Gerrie Fourie says successful international expansion requires companies to take at least 30% of their top leaders offshore
Capitec CEO Gerrie Fourie says the group is beefing up its digital and business banking capabilities with the goal of snaring up to a quarter of the SA banking market in rand terms over the next decade. He says this will enable SA’s biggest retail bank by customers to consider international expansion in the next five years.
Speaking during a Tuesday webinar hosted by PSG, which founded Capitec by cobbling together various microlenders which it then registered as a bank in 2001, Fourie said the Stellenbosch-based lender wants to boost the rand value of its deposit, insurance and credit market share from less than 10% to as much as 25%. While Capitec has about 16-million clients, which equates to 45% of the 35-million adults Fourie estimates are banked in SA, the rand value of its market share is smaller due to its greater exposure to lower-income consumers. It is also only involved in unsecured lending, though Fourie says that is likely to change...