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Capitec vs Old Mutual: Who’s Actually Winning South Africa’s Customer Loyalty War?




Capitec leads retail banking in SA with massive loyalty and 60% market share. But Old Mutual’s OM Bank is quietly building ground. Who’s really winning the trust game?

 https://dailysouthafricanpulse.blogspot.com

When people talk banking loyalty in South Africa, two names keep coming up: Capitec and the soon-to-launch OM Bank by Old Mutual. But in the war for your trust, one is already dominating—and the other is quietly building ammunition.

Capitec dominates the headlines—and your wallets. As of early 2024, it boasts 22 million active clients, making it the largest retail bank in South Africa(MyBroadband). Capitec’s value-driven, digital-first model has earned it a staggering 60% retail banking market share, including an impressive 92% loyalty adoption rate through its Live Better Rewards programme(CapillaryTech).

Not just busy—it’s beloved. According to the SagaBrand tracker, Capitec leads South Africa in customer satisfaction, scoring a 60% satisfaction score with the lowest dissatisfaction rate in the industry(Sagaci Research). And the SAcsi index again named Capitec the happiest customers, with one of the highest Net Promoter Scores (NPS) across the financial sector(MyBroadband).

But FNB remains close behind. FNB clinched the title of best digital bank in the 2024 SITEisfaction survey, scoring 72.8 points—just above Capitec’s 69.9(oldmutualmfc.bflye.com). So while Capitec holds mass loyalty, FNB captures hearts with digital excellence.

Now comes Old Mutual’s big move.

Old Mutual, a legacy brand since 1845, is preparing to finally enter the retail banking fray with OM Bank, launching before the end of 2024(oldmutualmfc.bflye.com, MyBroadband). It’s designed squarely to compete with Capitec, targeting the same upper mass to lower affluent market (R5,000–R80,000 monthly earners). The group already claims 1 million users on its transactional platform, setting up a direct challenge in Capitec’s domain(MyBroadband).

Built on 10x Banking cloud technology, OM Bank aims to deliver personalised, affordable, and flexible services—leveraging Old Mutual’s deep brand loyalty and financial services footprint to cross-sell banking solutions.

But Capitec’s success comes with friction. On forums like Reddit, long-time customers have voiced frustration over stealth changes to interest rate tiers, confusing fees, and declining service quality as the bank grew too big. One user said Capitec’s Live Better savings account now underperforms typical savings unless you have over R250K, a shift that felt “scummy” to many loyal customers(MyBroadband, Reddit).

Another wrote:

“Capitec is bleeding me dry... their fees are very low, but support and transparency are slipping”(Reddit).

Yet fans still sing its praises. Others say Capitec offers simpler, faster banking than Standard or Absa, especially for everyday users who live by their phones(Reddit, Reddit).

Old Mutual, on the other hand, carries baggage. From past criticism of high fees to questions over service quality—some former customers describe it as “a scam” or “opaque” during earlier business dealings(Reddit).

So who really has the upper hand?

Capitec is still king of loyalty and simplicity. But the cracks are showing.

Old Mutual’s OM Bank is not just a bank—it’s a declaration of intent. If it can deliver seamless banking tied to insurance, investments, and data-based rewards, it might be the refreshing jolt the market needs.

Poll:
Which bank do you trust more with your money—and why?

  • Capitec—low fees, easy app

  • FNB—I trust their digital service

  • OM Bank—if they undercut Capitec, I’m switching

  • I prefer smaller banks or none

Vote now or share your experience in the comments.

Read also: FirstRand: How RMB, FNB, and Momentum built a banking giant
Read also: OM Bank Set to Disrupt Capitec’s Stronghold in 2025
Read also: Capitec’s Digital Boom vs FNB’s Quality Service Face-off

Whether you bank on nostalgia or innovation, the loyalty war has begun—and the battlefield is changing fast.

If you value honest financial insight and real opinions that matter—follow our blog and be part of the conversation at the pulse of South African finance.

Tags:
Capitec vs Old Mutual, OM Bank launch, Capitec customer loyalty SA, SagaBrand bank rankings, Capitec satisfaction score, Old Mutual banking expansion, banking competition South Africa, retail banking loyalty war

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