Capitec named best bank in the world

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For the second consecutive year, South Africa’s Capitec Bank has been ranked as the best bank in the world by Lafferty Group’s Global Bank Quality Benchmark. The UK-based international banking advisory group, Lafferty, combines financial and non-financial methods to produce annual reports. The resulting data is used to determine the quality of the organisations and their respective business models.

Capitec Bank, The Good News Company

Capitec Bank. Image source: Capitec

More good news for the local banking organisation included its maintained status as the only 5-star-rated bank among the 100 global banks which were listed. This comes as a huge and well-earned victory both for Capitec and South Africa, amid the gloom of ‘junk status’. Other achievements by SA banks included 4-star rated ABSA (Barclays Africa), Standard Bank, NedBank and First National Bank being mentioned.

Barclays Africa, however, was ranked as second best in the world.

“When you look at the five together, the South Africans have a higher average score than the banks in any other country in the world.” – M. Lafferty

South Africa's Big Five banks, The Good News Company

South Africa’s Big Five banks. As seen on: BusinessTech

Gerrie Fourie, Capitec Bank CEO, says the bank is proud and thankful to receive the highest rating.

“We value this recognition because it’s based on information available in the public domain and represents an objective view of our company while validating the trust that our clients put in the Capitec Brand.”

According to Lafferty, Capitec was able to score so high due “to a high ethical and business standard” as well as impeccable customer-oriented service. Based on the results, customers and review teams have certainly agreed.