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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Banking»Capitec surpasses FirstRand to become Africa’s most valuable bank

    Capitec surpasses FirstRand to become Africa’s most valuable bank

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    By Tapiwa Matthew Mutisi on September 2, 2025 Banking, Business, Financial Services, News

    Capitec Bank Holdings has become the most valuable bank in Africa, a significant milestone that occurred just one month after the appointment of its new CEO, Graham Lee. This achievement marks a new era for the bank, which has now surpassed its rival, FirstRand.

    Capitec’s remarkable growth is underpinned by its consistently strong financial performance. As the largest bank in South Africa by customer numbers, Capitec has reported record profits for four consecutive years. This success is reflected in its share price, which has surged by approximately 16% since the beginning of the year. This impressive gain far outpaces its competitors on the FTSE/JSE Africa Bank Index, which saw a modest 3.6% increase over the same period. In contrast, FirstRand’s shares have declined by 1.3%.

    Since its listing on February 18, 2002, Capitec’s stock has seen an extraordinary rise, increasing by a staggering 213,189%. Much of this success is attributed to the strategy implemented by former CEO Gerrie Fourie, who focused on attracting low-income depositors and providing unsecured loans. This approach proved highly effective in growing the bank’s customer base.

    The bank’s success is a testament to its unique business model. According to Adrienne Damant, an analyst at Avior Capital Markets, Capitec’s growth demonstrates the potential of a company that “solves a real customer problem, with a decisive management team and agile technology.” By building a trusted brand and effectively leveraging its extensive client base, Capitec has consistently delivered better earnings and returns compared to its peers.

    BankTotal Assets
    Standard BankR3.4 trillion
    FirstRandR2.5 trillion
    Absa GroupR2.2 trillion
    NedbankR1.5 trillion
    CapitecR239 billion

    Despite its current dominance, Capitec faces increasing competition. Rivals such as Nedbank Group Ltd. and the new entrant OM Bank are now actively targeting the low-income market, a space Capitec has long dominated.

    Capitec’s origins trace back to its founding by Michiel le Roux in 1997, a pivotal time in South Africa’s history following the nation’s first post-apartheid elections. The bank was a spin-off from financial services company PSG Group Ltd. in March 2001 and was listed on the Johannesburg Stock Exchange 11 months later. Since then, the company has grown into a comprehensive financial-services provider, serving over 24.1 million personal and business clients as of the end of February.

    Capitec continues impressive financial momentum

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    Africa Bank Banking Business Capitec Capitec Bank Holdings CEO Graham Lee financial services FirstRand Investments South Africa
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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