Capitec sets its sights on wealthy South Africans earning over R50,000 a month

Cape Town – Capitec is stepping up efforts to attract higher-income South Africans earning more than R50,000 a month, expanding its appeal beyond the mass market as competition intensifies for affluent banking customers.

According to Daily Investor, the bank is focusing on this income group through expanded rewards, value-added services and credit card benefits, while retaining its approach of offering a single transactional account with uniform fees.

Capitec chief executive Graham Lee described the bank’s strategy as “differentiation without discrimination”, saying: “At Capitec, what we build is for everyone. We don’t discriminate.

What we don’t do is create something exclusive just for a few.”

The strategy appears to be gaining traction. Daily Investor reported that Capitec’s number of clients earning more than R50,000 a month increased by 22% year-on-year in the first half of its 2027 financial year. Lending to this segment rose by 58% to R8.74 billion over the same period.

Higher earners 

The bank is using travel-related benefits to appeal to higher earners, including airport lounge access, international travel insurance of up to R5 million, zero international currency conversion fees and 1% cashback on card spending.

Capitec Personal Bank executive Basani Maluleke said the growth had largely been driven by credit card uptake, particularly among customers who travel internationally.

“This is a story mostly of our credit card,” she said, adding that the product’s positioning as a travel-friendly option was particularly attractive to the target market.

The shift builds on a trend documented by Moneyweb in April 2025, when the publication reported a 26.5% increase in clients earning at least R50,000 a month during the bank’s 2025 financial year. The report highlighted the bank’s efforts to broaden its services beyond traditional, low-cost retail banking.

Wealthier customers

Meanwhile, Business Day reported in October 2025 that Capitec’s higher-income customer base had grown by 24% in the six months to August that year, with these customers accounting for 20% of its credit sales.

Capitec’s broader expansion is also reflected in its latest interim results. The bank reported on 30 September 2026 that headline earnings rose by 19% to R9.5 billion for the six months ended 31 August 2026, while its total client base reached 26.6 million, according to its official results announcement.

The challenge for Capitec will be to attract wealthier customers, who may expect more personalised services and premium banking experiences, without abandoning the affordability and accessibility that helped it build one of South Africa’s largest banking customer bases.