The story of Capitec's rise to challenge the country's big four banks on a strategy of no frills and cheap services has perhaps been one of the most successful corporate stories in recent years. Listed at R1.70 a share 15 years ago, today the bank that was championed by PSG owner Jannie Mouton sits at R795 a share. Since its listing on the JSE in February 2002, it has outperformed Apple, the most valuable company in the world, which, in that time, launched game-changing technology such as the iPod, iPad and iPhone. Much of Capitec's growth can be attributed to the growth of the unsecured credit market in South Africa. The bank even paid homage to this in its latest financial results, where it started its historical timeline with the change in the country's laws that allowed an unsecured credit market to take hold. Capitec's market cap of more than R91-billion is about R30-billion less than that of Barclays Africa Group - which is said to be the biggest victim of the bank's market sh...
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