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Something to make you feel a bit better: Capitec ranked best bank in the world

Ja look, we’ll take any good news we can get.

load shedding eskom rand

Photo: Pixabay

Look, we know things are pretty grim at the moment, here’s some good news.

UK-based international banking advisory group Lafferty has named Capitec as the best bank in the world, according to its annual Bank Quality Rankings.

The group uses a number of factors, including financial and non-financial disclosures in annual reports. This helps determine the “quality of the organisations and their respective business models”.

The group, however, was quick to stress that it does not simply look at financials and ratios. Strategy, culture, customer satisfaction, executing brand promises and other criteria are all considered.

Captec is the only five-star rated bank out of 100 global banking groups.

In South Africa, Absa (as part of Barclays Africa) was ranked second. All of South Africa’s “top four” banks also achieved a four-star rating. Just eight banks globally achieved this rating.

“When you look at the five together, the South Africans have a higher average score than the banks in any other country in the world,” said Lafferty founder and chairman, Michael Lafferty, speaking to BizNews.

South Africa’s banks have also been hailed as “remarkable” by experts with many believing the country is a world leader when it comes to banking.

Capitec was only founded in 2001, but has been booming since then. It offers entry-level accounts and has consistently been named as one of the top financial institutions in emerging markets.

Must be a bit of that good old South African entrepreneurial spirit.

We wonder if the banks closing the Guptas’ bank accounts had an impact on the rankings? He he he he.