Billionaire Michiel le Roux's Capitec targets South Africa's R50 billion stokvel market

Capitec, the bank co-founded by South African billionaire Michiel le Roux, is moving into the country's stokvel market, the network of community savings clubs that collects an estimated R50 billion a year, setting up a challenge to FNB.

Capitec launched its Stokvel Account on Sept. 10. According to the National Stokvel Association of South Africa, there are about 800,000 stokvels with 11 million members, who pool money each week or month to pay out for groceries, funerals, holidays and other needs.

Basani Maluleke, the executive in charge of Capitec's personal banking, said at the bank's interim results presentation that the product had been "in gestation for a good two years." It arrives about a year later than first signaled. In October 2024, chief executive Gerrie Fourie said the bank would launch stokvels in 2025.

Taking on FNB

FNB dominates banking for stokvels, but Capitec is betting its size and digital reach will win it a share of the market. The new account plugs into Capitec's personal banking business, which now holds R170 billion in deposits, R119 billion of it in savings plans. Savings balances grew by R13 billion over the past year.

The launch is part of Capitec's push beyond basic banking. In the six months to Aug. 31, its headline earnings rose 19% to R9.5 billion, and its active clients reached 26.6 million. The group has expanded into insurance, telecoms and Smart ID services, and changed its name in August from Capitec Bank Holdings to Capitec Limited.

Capitec is South Africa's most valuable bank, worth about R566 billion in mid-2026. Le Roux, who helped found it in 2001 and later served as chairman, is among its largest individual shareholders. The bank's other co-founder, Jannie Mouton, built the investment group PSG, which backed Capitec from the start.