Capitec grows

The big four banks seem to have underestimated how disgruntled their account holders are, with newcomer Capitec boasting 33percent customer growth in the six months to the end of August. Riaan Stassen, Capitec's chief executive, said yesterday though his bank targeted the lower end of the market, it pitched itself at employed people with existing bank accounts and not previously unbanked social grant recipients. Capitec spearheaded its drive into retail banking four years ago by turning the traditional savings account system on its head by paying 10percent interest on balances under R10000, and dropping the rate in tiers above that. - Robert Laing

The big four banks seem to have underestimated how disgruntled their account holders are, with newcomer Capitec boasting 33percent customer growth in the six months to the end of August. Riaan Stassen, Capitec's chief executive, said yesterday though his bank targeted the lower end of the market, it pitched itself at employed people with existing bank accounts and not previously unbanked social grant recipients. Capitec spearheaded its drive into retail banking four years ago by turning the traditional savings account system on its head by paying 10percent interest on balances under R10000, and dropping the rate in tiers above that. - Robert Laing

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