South African billionaires hold $4.8 billion in stakes in Africa’s most valuable bank

Cape Town – Billionaires Michiel le Roux and Jannie Mouton hold stakes worth a combined $4.8 billion in Capitec, which has emerged as Africa’s most valuable bank, according to a new analysis.

Le Roux owns 11.3% of Capitec, valued at approximately $3.3 billion, while Mouton’s family trust holds a 5.1% stake worth about $1.5 billion, the report said.

Capitec topped the list of Africa’s 10 largest banks by market value at approximately $30 billion, narrowly ahead of FirstRand and Standard Bank Group, valued at about $30 billion and $29 billion respectively.

According to Billionaires.Africa, Le Roux co-founded Capitec in 2001 alongside Riaan Stassen and investment company PSG Group, built by Mouton. The bank grew by targeting customers underserved by traditional lenders through low fees, extended branch hours and simplified banking services.

Capitec had 26.6 million active clients at the end of August 2026, while its headline earnings increased 19% to R9.5 billion in the six months to August 31, according to the report.

Traditional retail banking 

The bank overtook FirstRand as Africa’s most valuable lender in August 2025 and has since expanded beyond traditional retail banking into insurance, mobile services and lending outside South Africa.

The broader banking sector ranking also highlights South Africa’s dominance in the continent’s financial industry. FirstBank’s September 2026 report found that South Africa accounted for five of Africa’s 10 largest banks by total assets at the end of June, including Standard Bank, FirstRand, Absa, Nedbank and Investec.

Standard Bank led that ranking with approximately $232.27 billion in assets, followed by FirstRand at $167.66 billion and Absa at $139.23 billion.

Billionaires.Africa’s analysis found that five African billionaires held stakes worth a combined $14.3 billion in four of the continent’s 10 most valuable banks. The other investors include Morocco’s King Mohammed VI, Moroccan banker Othman Benjelloun and Nigerian billionaire Femi Otedola.

However, billionaire investors do not control every major South African lender. The report noted that the Public Investment Corporation, which manages government employees’ pension savings, is the largest shareholder in FirstRand, Absa and Nedbank.

The figures underline the substantial role of South African banks in Africa’s financial markets, with Capitec’s valuation placing its founders among the continent’s most prominent banking investors.