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Capitec, SA’s third-biggest bank by market value, has identified informal small business as one of its potential growth areas, a move that sends it down a largely untapped, risky but potentially lucrative unbanked market.

“I think the economy is stronger in the informal market than anyone anticipates,” CEO Gerrie Fourie told Business Day during an interview. “I think there is a whole informal market that one needs to say: how do you unlock its full potential because a big portion of those people are [still using] cash.”..

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