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Capitec Bank Takes Top Spot

Capitec has become the most valuable bank in Africa.

This marks a major milestone for the Stellenbosch-based lender, which has seen strong share growth this year. The bank has now edged past FirstRand to claim the top spot by market value.

At the end of August 2025, Capitec’s market cap was sitting at around R424 billion, compared to FirstRand’s R418 billion.

While Capitec Bank’s balance sheet is far smaller (with assets of about R239 billion against FirstRand’s massive R2.5 trillion) investors have backed Capitec’s lean, customer focused model. The bank’s return on assets stood at 8% during 2024, which was also significantly higher than FirstRand’s 0.9%.

24 Million Clients

Capitec now serves over 24 million customers and continues to grow beyond its roots as a small microlender.

Capitec Bank’s debt review department have been busy with a new software system roll out for a while now and are looking to reclaim some of the confidence they enjoyed in the past which has been marred by some challenges. They hope the new system will enable them to better serve their debt review clients and Debt Counsellor collegues.

The challenge ahead will be turning investor confidence into lasting growth while fending off competition from both established banks and new digital players. Several new players are making serious inroads into this market segement at an alarming rate.

Capitec’s share price has climbed about 16% since January, while FirstRand has slipped slightly. So, while things have been neck and neck for a while, Capitec have moved into the top spot.