Gerrie Fourie discusses how the lockdown has changed the operations of Capitec Bank

S1, E4

Capitec Bank CEO Gerrie Fourie is one of the most respected business leaders and banking executives in South Africa. Fourie started his career at the Stellenbosch Farmers Winery in the financial planning division, which was followed by five years managing the winery’s sales, marketing, production, and distribution. In 2000, Michiel Le Roux approached Fourie to start Capitec Bank, and he served as chief operating officer until he took the reigns on 1 January 2014. Under Fourie’s leadership, Capitec Bank showed exceptional growth and by 2018 they were adding 120,000 new clients each month. Capitec Bank was named the Best Bank in the World in the Lafferty Bank Ratings, ahead of giants like HSBC, Deutsche Bank, Goldman Sachs, and JPMorganChase. It was also rated as the best bank in South Africa by Forbes’ World’s Best Bank Survey and the South African Consumer Satisfaction Index. Fourie was named the 2019 Business Leader of the Year at the Sunday Times Top 100 Companies Awards. In this What’s Next in Finance interview, Fourie discusses how the lockdown has changed the operations of Capitec Bank. He also sheds light on how the COVID-19 pandemic changed the banking industry in South Africa. Fourie then moves to the increased digitization during the lockdown and how it accelerated the rollout of digital services. He also sheds light on the current economic challenges in South Africa and how to get the economy back on track. The interview ends with Fourie sharing his “Aha-moment” with host Aki Anastasiou.

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