Business news: Capitec Bank voted best bank in SA in Forbes survey

Business news: Capitec Bank voted best bank in SA in Forbes survey

- Capitec Bank has been ranked the best bank in South Africa for the second consecutive year

- The bank has also noted a growth of nearly half a million clients in the last five months

- Capitec boasts some of the cheapest fees in the banking sector

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Capitec Bank has been ranked South Africa's "Best Bank" for the second consecutive year. This is after a survey by media group, Forbes.

Forbes partnered with the market research firm Statista to measure the best banks in nearly two dozen countries, surveying over 40 000 customers.

Capitec Bank CEO Gerrie Fourie said:

"We’re continually challenging the norms of traditional banking to bring our clients a simplified, affordable solution that puts them in control of their money. A client centric focus, along with the pursuit of relevant innovation has made it possible to transform what was originally a grudge purchase into a service that truly helps people better manage their financial lives."
Business news: Capitec Bank voted best bank in SA in Forbes survey

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Capitec Bank was established on 1 March, 2001 and listed on the Johannesburg Stock Exchange a year later. The banking institution has risen over the years to compete with some of the biggest banks in the country.

Capitec’s digital banking services are the most widely used in the country with over 7.4 million active users. Capitec also noted a significant increase between January and May this year with the bank welcoming over 470 000 new digital banking clients, a 6.8% increase of their digital client base.

Capitec Bank also boasts some of the cheapest fees on their accounts. Immediate payments or transfers, which average around R50 with the other banks, are only R8 with Capitec.

Capitec Bank also allows its customers to open several savings accounts under one umbrella account. This is a feature which is popular among their customers as they can separate and control how they save their money.

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