Capitec Bank will use the newly acquired Avafin – an international online lender – to establish itself as a global player in the next 10 years, CEO Gerrie Fourie said at the company’s AGM in Somerset West on Friday.
He added that Avafin is a strong culture fit and gives Capitec geographical diversification from where it can expand globally. When Capitec started in 2001, it was the first South African bank to grant credit to low-income South Africans without collateral. The product will provide cover of between R100 000 and R3 million – a segment that has been underserved up to now.
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