Africa’s banking crown has a new holder. As of September 2025, Capitec Bank stands at the top, its market value beating long-established rivals, a reflection of bold strategy and relentless focus on customer needs.
Under fresh leadership, the bank is geared for even greater heights, making it a focal point for investors and industry watchers alike.
The Rise of Capitec Bank: From Humble Beginnings to Banking Giant
Founded in 2001 in South Africa, Capitec Bank started as a microlending institution aimed at serving the underserved segments of the population.
Over the years, it transformed into a full-service retail bank, emphasising simplicity, affordability, and digital innovation.
By focusing on low-cost banking solutions, mobile apps, and branchless services, Capitec disrupted the traditional banking model dominated by established players like Standard Bank and FirstRand.
Today, Capitec boasts over 22 million customers, making it South Africa’s largest bank by client base.
Its stock, listed on the Johannesburg Stock Exchange (JSE) under the ticker CPI, has delivered remarkable returns, with a 200,000% rally since its inception.
This growth is driven by strong earnings, efficient operations, and expansion into business banking and insurance services.
Claiming the Crown
In a significant milestone, Capitec Bank overtook FirstRand in August 2025 to become Africa’s most valuable bank by market capitalisation.
As of early September 2025, Capitec’s market cap stands at approximately R424 billion (about $24 billion), edging out competitors like FirstRand (R401 billion) and Standard Bank.
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This valuation reflects investor confidence in Capitec’s resilient business model, which has weathered economic challenges in South Africa, including high interest rates and inflation.
Compared to other African banks, Capitec leads the pack. For context, here’s a quick comparison of top African banks by market cap as of September 2025 (in USD billions):
South African banks dominate Africa’s top valuations due to the country’s mature financial markets, but Capitec’s edge comes from its high growth potential and brand strength.
In fact, Capitec achieved a 100% increase in brand value in 2025, highlighting its market appeal. While banks in Nigeria (e.g., Access Bank) and Kenya (e.g., Kenya Commercial Bank) are growing, their market caps remain significantly lower, often below $5 billion.
This achievement isn’t just about numbers; it underscores Capitec’s ability to adapt in a continent where digital transformation is key to financial inclusion.
A New Era Begins: Leadership Transition at Capitec
Capitec’s growth coincides with a major leadership change. Long-time CEO Gerrie Fourie, who led the bank for over a decade and was instrumental in its transformation, retired on July 18, 2025.
Fourie, one of Capitec’s founding leaders, oversaw exponential growth, including the bank’s expansion into digital services and small business lending.
Succeeding him is Graham Lee, who assumed the role of CEO on July 19, 2025. Lee, a seasoned banker with a Bachelor of Business Science (Honours) degree, brings extensive experience from within Capitec and the broader financial sector.
He previously served as the bank’s Chief Financial Officer and has been with the organisation for several years, ensuring continuity in strategy.
Under Lee’s leadership, Capitec aims to sustain its impressive stock performance while targeting new growth areas.
Key priorities include expanding retail and business banking segments, particularly serving the 3 million small- and medium-sized enterprises (SMEs) in South Africa.
Lee has emphasised innovation in digital platforms and financial inclusion, aligning with Africa’s push toward cashless economies.
What’s Next for Capitec Under New Leadership?
With Graham Lee at the helm, Capitec is well-positioned to navigate challenges like economic volatility in South Africa and competition from fintech disruptors.
The bank’s 2025 integrated annual report highlights robust financials, including increased net interest income and a focus on sustainable growth.
Analysts predict continued expansion, potentially into other African markets, though Capitec remains primarily South Africa-focused for now.
Investors should watch for updates on digital initiatives and SME lending, which could further boost valuation.
As Africa’s banking sector evolves, with projections of net interest income reaching US$204.72 billion continent-wide in 2025, Capitec’s agile approach under new leadership could set benchmarks for peers.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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