After more than a decade at the helm, Gerrie Fourie has officially stepped down as CEO of Capitec Group, marking the end of an era for one of South Africa’s most remarkable banking success stories. His departure, announced earlier this year, became official on 19 July 2025, with Graham Lee, the former CEO of Personal Banking, stepping into the leadership role.
Speaking at Capitec’s Annual General Meeting, Fourie reflected on a journey that began in 2000 and culminated in transforming a small microlender into South Africa’s largest bank by customer numbers, now serving over 24 million clients.
“Looking back, we were crazy to take on the Big Four banks,” Fourie said. “But we believed in a different way of banking—simpler, more transparent, and client-focused. That belief has brought us here.”
From Microlender to Market Leader
Capitec’s origins trace back to the PSG Group’s microlending business, which acquired SmartFin and FinAid in 2000. The bank was officially launched in 2001 in Stellenbosch and listed on the JSE in 2003. Fourie, who joined from the alcohol industry, was introduced to co-founder Michiel le Roux, and together with Jannie Mouton and Riaan Stassen, helped build what would become a financial powerhouse.
Under Fourie’s leadership since 2014, Capitec evolved into a fully diversified financial services provider, offering business banking, insurance, digital banking, and even mobile services through its MVNO.
A Legacy of Growth and Innovation
The numbers tell a compelling story:
- Headline earnings grew from R30 million in 2003 to R2.5 billion in 2015, and reached R13.7 billion in 2025.
- Equity rose from R428 million in 2003 to R50.1 billion in 2025.
- Customer base expanded from 25,000 in 2003 to 24.1 million by February 2025, with expectations to surpass 25 million by the end of July.
- Branch network grew from 266 to 880, and ATMs increased to nearly 8,800.
Fourie credited Capitec’s success to its internal “CEO strategy,” where every employee is encouraged to act like a CEO—client-focused, energetic, and accountable.
The Last Founder Steps Down
Fourie’s departure marks the exit of the last founding member involved in Capitec’s day-to-day operations. While the original founders remain significant shareholders, none have been operationally active in recent years.
His farewell was deeply emotional. Employees lined the halls of Capitec’s Cape headquarters to applaud him as he exited for the final time as CEO. Messages poured in from across the organisation, celebrating his leadership and humility.
A CEO who never asked to be called Mr Fourie, who loved spending time with his people and will be remembered for the lives he changed.
Crystal Van Reenen, Capitec’s Marketing Manager
He led not only from the front of the line, but within it—never skipping queues, never seeking the spotlight.
Ronele Coetzee, Live Better Manager
We bid farewell to our CEO, Gerrie ‘Pappa G’ Fourie. What a journey he’s walked.
Nqobile Hlophe, Coordinator on Financial Education
What’s Next for Fourie
Although stepping down, Fourie won’t be leaving Capitec entirely. He plans to remain involved in a strategic capacity and hopes to join the board in the future. He will also contribute to Capitec’s long-term vision of becoming a global brand.
In the meantime, Fourie is turning his attention to personal passions—conservation, tourism, and golf. He is a part-owner of the Gondwana Game Reserve in the Western Cape, where he plans to focus on restoration, eco-tourism, and development.
“I’m optimistic about Capitec’s future,” he said. “With Graham Lee at the helm, I believe the group will reach even greater heights.”
