ShapeShifter, Evergreen Content

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

I discovered at Boland Bank that banking was very archaic.

Michiel le Roux, Capitec Bank

I told our shareholders we’ll either be a big success or a small failure. Not in my wildest dreams could I foresee the success we’ve had.

Michiel le Roux, Capitec Bank

We were very fortunate. I’m not sure we could’ve created a Capitec Bank in other countries.

Michiel le Roux, Capitec Bank

The Money Show's Bruce Whitfield interviewed Michiel le Roux, founder of Capitec Bank, for his weekly "ShapeShifter" feature.

Capitec Bank is the best bank in the world, according to international banking advisory group Lafferty.

It is also the cheapest bank in South Africa, according to the 2015 Solidarity Research Institute (SRI) Bank Charges Report.

If you invested R100 in Capitec Bank shares on 1 July 2011 they would’ve been worth R320 today.

Forbes estimates Michiel le Roux’s net worth at more than R4 billion.

Michiel le Roux obtained BCom Law and LLB degrees from the University of Stellenbosch.

Scroll down for quotes from the video and audio below.

It’s at Boland Bank that I first asked ‘Why do banks close at 3.30pm?’ It was a mystery to me!

Michiel le Roux, Capitec Bank

Most of the people who started Capitec Bank with me came from Distillers and Stellenbosch Farmers' Winery.

Michiel le Roux, Capitec Bank

I studied law, but never practiced. Real law is very boring!

Michiel le Roux, Capitec Bank

I’ve never spoken real business at a party. My wife would object!

Michiel le Roux, Capitec Bank

Every five years there’s a major crisis. You’ve got to plan for it.

Michiel le Roux, Capitec Bank

I originally had a very basic bank in mind.

Michiel le Roux, Capitec Bank

Older banks have legacy systems that are difficult to replace or keep alive.

Michiel le Roux, Capitec Bank

Our customer acquisition is amazing.

Michiel le Roux, Capitec Bank

I believe in the bank, so I’m a shareholder.

Michiel le Roux, Capitec Bank

We’ll keep it simple. In 10 years it’ll still be recognisable as the bank you see today.

Michiel le Roux, Capitec Bank

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the seven most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

Read More
Buying Barclays… junk status and the rand… Capitec Bank in hot water… (and more)

Buying Barclays… junk status and the rand… Capitec Bank in hot water… (and more)

7 most read, most talked about business articles of the past week.

Consumer watchdog to take Capitec Bank to court over lending practices

Consumer watchdog to take Capitec Bank to court over lending practices

Ray White interviews Clark Gardner, the consumer champion who last year exposed Lewis Group’s unlawful credit practices.

FNB tops South African youth market, but Capitec Bank making huge inroads

FNB tops South African youth market, but Capitec Bank making huge inroads

FNB rules the roost, but only just. The future looks bright for Capitec Bank, which tops Absa, Standard Bank and Nedbank.

Capitec Bank is the best in South Africa by far, say customers. Here’s why…

Capitec Bank is the best in South Africa by far, say customers. Here’s why…

It’s South Africa's cheapest bank and offers great interest rates. It also has the best service of all, according to customers.

Capitec Bank is growing fast and earnings are booming

Capitec Bank is growing fast and earnings are booming

About 100 000 clients join each month and, as a result, earnings are booming. We interview CEO Gerrie Fourie…