Capitec Bank now the largest bank in SA, survey finds

Capitec Bank - [Google Images]

Capitec Bank is now the largest bank in South Africa in terms of the number of clients who use it as their main bank, according to the Publisher Audience Measure Survey (PAMS).

PAMS compared South Africa’s main banks; First National Bank (FNB), Standard Bank, ABSA and Nedbank.

According to the 2017 information, 9.17 million use Capitec Bank as their main bank.

Absa came in second with 5.06 million customers using it as their main bank, followed by FNB with 5.01 million people, then Standard Bank (3.97 million) and Nedbank (3.36 million).

The survey further stated that Capitec has not merely just surpassed the others, but at a 23% penetration vs. 13% for the second placed ABSA and FNB, they have blown away the competition.