FNB tops South African youth market, but Capitec Bank making huge inroads

Capitec Bank may be not be part of South Africa’s “Big Four”, but it ranks second amongst the youth, according to AMPS2014.

About 2.42-million South Africans between the ages of 18 and 34 use Capitec Banks as their main bank for all transactions. Only FNB, at 2.52-million, is more popular while 2.4-million youths bank at Absa.

Over 5-million South African youths are unbanked.

Capitec Bank has, according to the South African Customer Satisfaction Index, the highest satisfaction amongst customers while Standard Bank fares the worst.

Capitec Bank is also the bank with the lowest fees in South Africa by far (even for middle-income clients), according to trade union Solidarity.

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