Half of South Africa's banking population (16+ years) are active Capitec customers.

A Yazi survey asked 877 low-income South Africans: "How do you send R200 to someone an hour away?" From March to November 2023, 43.9% chose 'Capitec Send Cash', a jump from 36% in 2022 – that's a 22% year-on-year growth.Capitec's dominance is clear. They added 1 million active clients in just six months, hitting 21.1 million in total. 'Send Cash', their eWallet service, saw income surge by 78%, reaching R265 million.

'Send Cash' lets Capitec customers pay anyone in South Africa with a cellphone. Recipients redeem cash at ATMs or retailers. It's often mixed up with 'Transfer Money', a similar service, but restricted to Capitec customers. This surge is a classic network effect: the more who use it, the more popular it becomes. Capitec is crossing the chasm.

March 2023 saw the launch of PayShap SA, potentially challenging this effect. Yet, Capitec snagged 43% of Payshap's market within two months. Note: Payshap wasn't an option in the survey.With Capitec's growth, and its recent foray into insurance, it's poised to dominate the funeral cover market. How will services like Payshap reshape the landscape?

𝐒𝐮𝐫𝐯𝐞𝐲 𝐑𝐞𝐬𝐮𝐥𝐭𝐬:

• Capitec Send Cash: 44%
• FNB South Africa eWallet: 16%
• EFT: 14%• Cash: 7%
• ShopRite/Checkers Money Market: 7%
• Other: 12%

𝐃𝐞𝐦𝐨𝐠𝐫𝐚𝐩𝐡𝐢𝐜𝐬 𝐨𝐟 𝐑𝐞𝐬𝐩𝐨𝐧𝐝𝐞𝐧𝐭𝐬:
• Surveyed: 877 individuals.
• Income: 82% earn below R6,000 (~ $315)
• Age: 40% are 18-25 years.
• Gender: 60% female.