Tough Economic times Hit Capitec Clients
A depressed economy is hitting clients of Capitec hard as the bank reports that the number of Capitec clients applying for debt review during the past financial year increased by 20%. Capitec report that 15% more clients than the previous year, had handed in retrenchment letters as supporting documents along with their request.
Capitec Continues to Grow
It has been a hard year for most consumers in the country and many businesses have suffered. Capitec however, took on an amazing 1.3 million new clients this past financial year and opened another 76 new stores.
Capitec Bank CEO Gerrie Fourie said: “One the credit side, the economy was under pressure and we had to manage that very carefully, but we’ve shown growth of about 15 % so we are fairly happy.” Fairly happy? They should be ecstatic. In another interesting development, in regard to their digital products, Mr Fourie say that they now have over 1.8 million more customers now using Capitec’s phone/tablet app to bank with.
‘Capitec however, took on an amazing 1.3 million new clients this past financial year’
Discussing the key to the bank’s success Mr Fourie says it all has to do with their“…philosophy to offer simplistic banking to all South Africans”.