Capitec, Stalking Giants

TJ Strydom

Tafelberg, NB Publishers

Review: Karen Watkins

This story chronicles the rise of Capitec Bank from its humble beginnings as a micro-lender to its current status as South Africa's largest retail bank.

The story is framed around themes from Jack and the Beanstalk as it dives into Capitec’s journey of challenging the “giants” of the banking sector – Nedbank, Absa, Standard Bank and FNB.

The story begins in rural Limpopo, far from the Stellenbosch headquarters Capitec would later call home.

Launched in 2001, the bank set out to revolutionise banking for South Africans excluded from traditional financial services.

Rejecting conventional wisdom, Capitec built branches while competitors were closing theirs and focused on simple, accessible products like savings, loans and transactions. The bank refused to offer airtime or funeral insurance, despite board pressure, remaining committed to its vision of addressing real-world financial needs.

Strydom details how Capitec grew from 25 000 clients in its early days to over 22 million by 2024, with a market capitalisation exceeding R300 billion.

The author provides a behind-the-scenes look at the challenges faced by the “Boland boys,” including scepticism from industry heavyweights and a scathing report from Viceroy, branding the bank a “loan shark.”

Yet, through innovation, determination and a clear mission, Capitec reshaped the South African banking landscape, dramatically reducing the number of unbanked citizens from 17.6 million in 2001 to 3.6 million by 2023.

Strydom’s accessible style and journalistic accuracy make this more than just a business book. It’s an inspirational tale of grit, innovation, and defying the odds. Whether tracing the significance of Capitec's blue-and-red logo or highlighting essential decisions like introducing a credit card at half the competitors’ rates, the book captures the essence of an underdog’s triumph.

The book is basically a uniquely South African success story offering valuable insights for entrepreneurs and anyone looking for a good read.

Book give-away

To win a copy of Capitec, Stalking Giants, email your name, surname, address, cellphone number and the name of the website on which your saw this competition to entertain.ccn@acm.co.za before midnight on Sunday December 15. Put “Capitec book” in the subject line of the email.

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Book review and give-away: Capitec, Stalking Giants