Capitec digital banking activity has boosted the business in the six-month period ending August 2026, as monthly app users increased 18% to 16.5 million and digital transaction volumes increased 26% to 662 million.
Digital services showing rapid growth
The increase in digital activity was accompanied by a sharp rise in payments through mobile and wearable platforms including Apple Pay, Garmin Pay, Google Pay and Samsung Pay. This increased 68% to 2.4 million, while spending through these platforms also increased 87% to R52.1 billion.
This comes as the lender shifts business towards digital payments and services beyond traditional banking. The number of customers transacting digitally increased 15% to 17.1 million during the period.
READ: Capitec shifts beyond banking as digital services drive growth
Over R100 billion personal banking loan book
At the same time, the personal banking loan book exceeded R100 billion for the first time. Capitec said it continued to extend affordable and accessible credit while keeping credit granting within its through-the-cycle risk appetite.
Lending income from personal banking increased 9% to R11.4 billion. This was supported by products including credit cards and term loans for education, vehicles and home improvements.
The bank also highlighted the international travel proposition attached to its credit card, which includes zero international card fees, zero foreign exchange commission, 1% cashback on spending and free airport lounge access.
Graham Lee, Capitec chief executive, said the results showed the strength of the diverse business Capitec has built over many years, based on simple, affordable and accessible services, as well as a more personalised customer experience.
“Every one of our South African businesses grew earnings this period, even as the global environment stayed uncertain and economic growth remained muted.
“We kept fees unchanged for a second year running and invested in technology and in serving our clients better, supporting our strategy to build a banking platform that delivers shared value at scale.”
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Insurance also on the rise
Capitec’s insurance business also recorded growth during the period, with headline earnings increasing 22% to R2.5 billion, while the net insurance result increased 28% to R3 billion from R2.4 billion.
Active Credit Life policies increased to 2.2 million, with all policies now underwritten on Capitec’s own long-term insurance license. The funeral insurance book grew to 3.8 million active policies covering more than 17 million lives.
Life Cover also continued to expand, with the sum assured increasing 75% in its third year to R126 billion. Capitec said its pricing had saved customers R4.8 billion since the insurance category was introduced.
Fintech becomes a larger contributor
The Value-Added Services (VAS) and Capitec Connect businesses increased net income by 30% to R2.7 billion, contributing to group headline earnings.
VAS net income rose 30% to R3.5 billion, driven by services including prepaid airtime, data and electricity.
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Capitec Connect also recorded substantial customer growth. The number of active clients over the past three months increased to 1.8 million from 1.1 million.
Data usage more than doubled from 14.9 million to 34.3 million gigabytes, while voice usage increased 84%.
During the period, Capitec introduced free Capitec-to-Capitec calls, with customers using 70 million free minutes. The group also began selling cellphones through its app, with 27,000 devices sold during the six months.
The expansion gives Capitec additional sources of income linked to everyday consumer spending, alongside its traditional banking products.
- Capitec's monthly app users rose 18% to 16.5 million and digital transaction volumes increased 26% to 662 million in the six months ending August 2026.
- Payments through mobile and wearable platforms grew 68% to 2.4 million transactions, with spending up 87% to R52.1 billion.
- The personal banking loan book surpassed R100 billion, with lending income increasing 9% to R11.4 billion.
- Capitec's insurance business saw headline earnings rise 22% to R2.5 billion and net insurance results increase 28% to R3 billion.
- Value-Added Services and Capitec Connect net income grew 30% to R2.7 billion, with active Capitec Connect clients increasing from 1.1 million to 1.8 million.
