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

20 July 2016 8:01 PM

Michiel le Roux speaks about the fascinating story behind the little bank that has the Big 4 shaking in their boots.

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

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Article brought to us by Old Mutual.


This article first appeared on 702 : Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’


20 July 2016 8:01 PM

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