Capitec CFO retires after 22-year tenure

After 22 years of transforming the landscape of the South African banking sector, Andre du Plessis, the Chief Financial Officer of Capitec, has announced his retirement effective June 2022. Du Plessis, who played a vital role in establishing Capitec as the country's second-largest bank by value, sat down with CNBC Africa to reflect on his journey and discuss the future. The journey began with a group of visionaries, including Rian Stassen, Achille Rue, Christian Fonskalt, Fischer, and Harry, who shared the common goal of revolutionizing retail banking in South Africa. They sought to simplify banking, make it more accessible, and earn the trust of the community. Du Plessis highlighted the importance of taking the complexity out of banking and positioning Capitec as a financial friend to its customers. The initial focus was on reaching the unbanked population and expanding the market, rather than directly competing with established banks. Over the years, Capitec's growth trajectory exceeded expectations, making it the largest retail bank by customer base and the second-largest financial services company by market value. Du Plessis acknowledged the significant milestones achieved by Capitec and expressed gratitude for the opportunity to lead such a transformative journey. Looking ahead, he emphasized the importance of knowledge transfer to the next generation of leaders within the organization. Additionally, Du Plessis plans to dedicate more time to his NGO, focused on community development, and mentorship for budding entrepreneurs. His commitment to giving back to the community and fostering a new era of business leaders showcases his enduring legacy in the South African corporate landscape. Du Plessis's retirement marks the end of an era at Capitec, but his impact on the industry will resonate for years to come.