How Capitec Became South Africa’s Biggest Bank

The consumer banking industry is notoriously difficult to enter. But in 2000 in South Africa, a new player entered the industry. Capitec started establishing branches rapidly. Ten years later, it has more than 10 million clients and about 800 branches. It has become the largest bank in the country. Doing this required maintaining focus and resisting the urge to add features or complements that might add revenue but weren’t closely tied to the long-term strategy. While the bank did evolve over time, it did so in a planful way. And it was never afraid to break free from old habits that held back its growth.