Capitec listed at around R2 in 2002.
The vibe at the time: that's not a bank, that's a mashonisa that got a logo. Purple branding. Mall location. Serving people who couldn't get through the door at the "real" banks.
FNB wasn't worried. Absa wasn't worried. Standard Bank wasn't worried.
Because to them, and honestly to most of us watching, Capitec's customers weren't the right kind of customers.
Turns out there's no such thing.
There were 20 million people in South Africa who needed a bank and kept getting told no. Capitec said yes. Simple products. No minimum balance. Fees that didn't punish you for being poor.
The branch was always packed. We saw the queue every weekend. We assumed that meant something was wrong.
It meant something was very right.
R1,000 at R2 is now R2.1 million.
The bank we dismissed as a township loan shop became one of the most valuable companies on the JSE.
We didn't miss insider information. We missed the queue at the mall.
Lmaoo my 2 year old son was at the kids play area in our complex.. The other older kids(black) heard him speak Xhosa with his mom and asked how does he speak that language... Bona they can only speak English shame 🤣🤣🤣
So, um, @elonmusk, looks like your South African brethren are returning to SA because the "white genocide" isn't apparently as bad as Trump's economy. LOL. What fragile little snowflakes you Boers are.