South African lender, Capitec, the country’s
youngest and in recent years, the fastest-growing retail bank, has
announced plans to open 84 of its 460-strong-branch-network on a
Sunday.
Carl Fischer, marketing and corporate affairs executive
said:
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“Capitec Bank has a single-minded approach to banking: it is
based on the retail model and challenges the traditional banking
experience.
“By opening our branches on Sundays, we will not only enable
clients to do their personal banking when it suits them, but also
further align ourselves to other retailers’ opening hours. It will
also help to reduce in-branch pressure experienced over month end
peak days.”
Barclays’ South-African subsidiary, ABSA, is the only one of the
traditional big four lenders in the country, to offer Sunday
opening at a small number of branches: Standard Bank, Nedbank and
First National do not currently offer such a service.
Capitec has enjoyed strong rapid growth since opening its first
branch in 2001.
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By GlobalDataIn the 12 months to the end of February, Capitec’s customer
numbers grew by a net 700,000 to total 2.8m, up 33%
year-on-year.
