Capitec

Is Capitec safe?

Yes, by most measures it is one of the better-protected places to keep money in South Africa. Your deposits are held by Capitec Bank Limited, supervised by the South African Reserve Bank's Prudential Authority and covered by the Corporation for Deposit InsuranceDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary (CODI) up to R100,000 per person. The bank's CET1 ratioCET1 ratioA bank's highest-quality capital (mainly shares and retained profits) as a share of its risk-weighted assets. Higher means more room to absorb losses.More in the glossary was 34.9% in May 2026, nearly three times its whole 13% capital requirement, and its liquidity is enormous. Two things hold the score back: the R100,000 cover limit is low, and South Africa's banking app fraud keeps growing. We score Capitec 71/100, above Nubank, another mass-market lender in an emerging economy, at 68.

Capital and liquidity far above the rules

Capitec's quarterly Pillar 3 disclosure for 31 May 2026 shows how much room it has:

The 13% requirement is made up of the 8% Basel minimum, a 1% Pillar 2A add-on, the 2.5% conservation buffer, a 1% countercyclical buffer and a 0.5% surcharge for domestic systemically important banks. Capitec holds about R51.5 billion of CET1 capital against R19.2 billion required. It needs a big cushion: most of its personal loans and credit cards are unsecured, and its clients are often on modest incomes. Profit adds another layer, with headline earnings of R9.5 billion in the six months to August 2026 and a 31% return on equity.

Why not a higher capital score? Credit ratings for South African banks are capped by the country's sub-investment-grade sovereign rating, and our rubric weighs ratings alongside ratios.

What CODI covers

CODI started on 1 April 2024. It protects qualifying depositors, individuals, small businesses, stokvels and charities among them, up to R100,000 per depositor per bank, interest included. The Reserve Bank says about 95% of South African depositors are fully covered at that level. CODI pays out only if the Reserve Bank, as resolution authority, puts the bank into resolution. Balances above the limit become claims on the failed bank's estate.

R100,000 is roughly $5,500, far below the €100,000 in the EU or $250,000 in the US. For most Capitec clients it covers everything; for anyone with a large savings balance, it does not.

Fraud and the anti-money laundering penalty

SABRIC's 2025 crime statistics put digital banking fraud losses in South Africa at R2.4 billion, up from about R1.9 billion in 2024, with more than 70% linked to banking apps. Capitec, with 16.5 million monthly app users, is a large target. It has added in-app identification of calls from the bank, AI warnings on suspicious payments and a fraud team, and it said in 2025 that its systems had blocked about 80,000 mule accounts and R300 million in fraud.

The mule-account problem also shows up in Capitec's conduct record. BusinessTech reported in January 2025 that the Prudential Authority had reprimanded Capitec and fined it about R56 million, with R10.5 million suspended, after inspections in 2021 and 2022 found weak customer due diligence and late suspicious-transaction reports. Capitec said it had already fixed the issues.

How to keep money safe at Capitec

1. Keep deposits under R100,000 per bank if you want all of it insured, and spread larger sums across different banking groups.
2. Set a daily transfer limit in the app, and use the in-app call check before acting on any call that claims to be from Capitec.
3. Never approve a payment, share an OTP or install remote-access apps because a caller says your account is at risk.
4. If you are scammed, block your card and app straight away and report it to Capitec and the police.

How we scored it

Liquidity (90) is the strongest factor, with a liquidity coverage ratioLiquidity coverage ratioA bank's cash and easy-to-sell assets compared with the money that could flow out in a 30-day crisis. It must be at least 100%.More in the glossary over 2,000% and a retail deposit base, and stability history (80) reflects 25 years without rescue through several South African banking scares. Conduct, digital security and deposit protectionDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary (62 each) are the weakest, pulled down by the anti-money launderingAnti-money launderingThe rules and checks that stop criminals from moving illegal money through banks, payment firms and crypto exchanges.More in the glossary penalty, the scale of app fraud and CODI's low limit.