“These results are a testament to the success of our vision and values, keeping our costs low, giving customers the freedom to pay as they transact as well as offering the highest interest of 5.35% on a positive bank balance,” says Charl Nel, head of communications at Capitec Bank.
“Capitec is also the most affordable bank in South Africa. In July 2016, Solidarity named it the most affordable bank for the needs of most people in its annual Solidarity Research Institute’s seventh bank charges report.”
With over 120,000 customers opening accounts every month for a simplified and affordable banking solution, by far the majority – more than 5.5 million – of its clients pay less than R50 per month in bank costs.
In the Nielsen survey, three out of 10 (29%) banking customers pointed to Capitec as their primary bank – 11% higher than FNB’s 18%. Absa tracked behind at 17%, followed by Standard Bank with 15% and Nedbank with 10%. The Nielsen data is based on responses from 2 328 banking clients.
