Capitec Bank, one of South Africa’s largest retail lenders, is stepping up its expansion into telecommunications with the nationwide rollout of advanced airtime support for its more than 25 million customers.
The move strengthens the bank’s fast-growing value-added services business — which already handles over 40% of the country’s airtime and data transactions — and underscores its ambition to build a broader digital ecosystem.
Under the new system, branded “Never Be Cut Off,” Capitec customers can access instant airtime or data top-ups even when they have no balance. The facility provides a R10 advance for a R1 transaction fee on the next recharge.
The bank said the product is designed to support South Africans “when they need it most,” and expects maximum credit limits to rise as usage expands across its large client base. More than half of South Africa’s adults bank with Capitec.
The airtime advance was piloted on August 15, 2025, with a limited group of clients before being rolled out nationwide in phases. “We will learn from how clients use the R10 limit and make changes to better meet their needs,” the lender told BusinessDay South Africa in a recent interview.
Capitec delivers the product via its Capitec Connect digital channel, a Mobile Virtual Network Operator (MVNO) arrangement that uses Cell C’s network. This setup allows the bank to integrate telecom services without owning physical infrastructure.
With over 13 million customers actively using its app and 11 million purchasing value-added services, Capitec has overtaken First National Bank as South Africa’s leading MVNO player, according to research firm Africa Analysis.
Gerrie Fourie, the bank’s Chief Executive, said the expansion builds on the trust created by Capitec’s disruptive Global One account. “We’ve embarked on a focused diversification strategy to create a comprehensive financial ecosystem,” he noted.
Capitec Connect has also broadened its data offerings from a no-expiry bundle to highly competitive one-, seven-, and 30-day options, which now account for more than 60% of sales. Combined net income from these services jumped 61% to R4.4 billion ($237.6 million) in the year to February 2025, while SIM subscribers grew 74 percent to 1.6 million.
The bank’s shares have gained more than 13% year-to-date to ZAR 3,596.60 ($205.60) as of September 22, 2025, reflecting investor confidence in its telecoms push.
Note: The figures reported in South African Rand (ZAR) have been converted using the official average exchange rate of ZAR 1/$ 0.054 as of February 2025 and ZAR 1/$0.05 by September 22, 2025
