Capitec Bank Holdings, led by South African billionaire Michiel Le Roux, is gearing up to expand beyond its usual focus on retail banking. The bank has seen growth by targeting South Africa's low-income retail clients, a group often overlooked by other banks.
Now, Capitec is looking to broaden its horizons by moving into the business sector and exploring international markets. This strategic shift marks an exciting new chapter for Capitec as it aims to diversify and reach more customers.
Move into business and insuranceCapitec, based in Stellenbosch, has traditionally concentrated on low-income depositors and unsecured loans, which has helped it grow into South Africa's largest bank by customer numbers.
However, Capitec is now turning its attention to small and medium-sized enterprises (SMEs) as a new avenue for growth. The bank is also building an insurance business, seeing it as a critical area for expansion.
