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INTERVIEW | Capitec CEO on 'quality clients' and moving up the income ranks

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Capitec CEO, Gerrie Fourie
Photo: Jaco Marais/Foto24/Gallo Images/Getty Images
Capitec CEO, Gerrie Fourie Photo: Jaco Marais/Foto24/Gallo Images/Getty Images

Twelve years ago, before Capitec took a decision to ramp up its transactional income stream and move more towards higher income-earning borrowers, it would have been on the verge of life support if a disruption like Covid-19 came to the fore.

On Wednesday, Capitec CEO, Gerrie Fourie told investors about how the low-income segment of the bank's customer base had lost their jobs or taken heavy salary cuts. But from a transaction income point of view - fees collected from transaction activities - Capitec did not feel as much heat from this. The bank's net transaction fee income grew by 10% to R3.9 billion, indicating that a subset of its customers still had money to spend.

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