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Image: Capitec
Capitec Bank is no longer just a bank; it’s becoming a full-scale technology and digital services platform. In its latest financial results, the company highlighted the rapid growth of Capitec Connect, its mobile virtual network operator (MVNO), as a key driver in expanding its ecosystem.
Launched in 2022, Capitec Connect allows clients to purchase mobile data and airtime directly within its app.
By 2025, the number of active Capitec Connect clients surged to 1.1 million in the last three months, up from around 600,000 in the same period last year. Meanwhile, net income from the MVNO grew to R165 million in the reporting period, more than doubling from R69 million in 2024.
Value-added services (VAS), which include mobile, delivered a 56% increase in revenue year-on-year, underscoring the strategy’s success
“Our ability to rapidly deploy value-added services while maintaining top-quality client experience demonstrates some of our key strategic cornerstones, agility and a deep understanding and care for client needs,” the group said in its FY25 financial results.
Capitec’s broader growth strategy is built on migration to digital channels and data-driven decision-making.
Over the past year, its digital user base grew from 12.5 million to 14 million clients, a 12% increase, showing the depth of trust in its digital ecosystem.
The integration of mobile services into the app not only provides customers with lower-cost connectivity but also cements Capitec’s positioning as a super-app contender in South Africa.
The combination of financial products, payments, and connectivity creates what Capitec calls a “single banking ecosystem”, designed to keep clients within its digital orbit.
The company has invested heavily in cloud migration, AI, and data analytics to personalise services and accelerate decision-making.
According to its remuneration report, Capitec uses AI to better understand client needs and drive client-centric decision-making processes.
Digital transformation has been so central that it formed part of the executive performance scorecard in 2025, ensuring leadership was directly incentivised to deliver on technology execution.
While competitors still lean on traditional telecom partnerships, Capitec is embedding mobile into its financial services DNA. By owning the client relationship across money and connectivity, the bank is building a tech-powered growth model that looks beyond banking.
The results speak for themselves:
Headline earnings grew 30% in FY25
Market capitalisation surged by 52%
VAS and mobile services became a significant new revenue engine
Capitec says its goal is to continue strengthening its position as a comprehensive financial services provider, leveraging both financial innovation and mobile connectivity
In an industry where banks are racing to become tech companies, Capitec’s MVNO may be one of its boldest plays yet, a move that signals the future of South African banking is as much about data and digital ecosystems as it is about money.