Table of Contents
Key Points
- Gerrie Fourie will retire as Capitec CEO in July 2025 after over a decade at the helm, transforming the bank into South Africa’s largest digital lender.
- Graham Lee, a Capitec executive since 2003, will step in as CEO, bringing expertise in banking, technology, and operations across multiple global markets.
- Capitec credits Fourie with driving innovation, growing its client base to 24 million, and diversifying services, positioning the bank for sustained digital growth.
Capitec Bank, South Africa’s largest retail bank, has announced that its long-serving Chief Executive Officer, Gerrie Fourie, will retire after the company’s annual general meeting on July 18, 2025. His departure marks the end of a tenure that has spanned more than a decade, during which he helped transform Capitec into the country’s leading digital bank.
Fourie’s impact on Capitec
Fourie, who has been with Capitec for over 20 years, played a key role in turning the once-small challenger bank into a major player in South Africa’s financial sector. Under his leadership, Capitec grew from serving 5 million customers to more than 24 million, cementing its status as the country’s largest digital lender.
Beyond customer growth, he expanded the bank’s operations beyond retail banking, strengthening its business banking and insurance arms. His leadership emphasized innovation, efficiency, and a customer-first approach, helping Capitec navigate an increasingly competitive banking landscape.
Santie Botha, Capitec’s chairman, praised Fourie’s contributions, saying, “Gerrie’s vision and dedication have been instrumental in shaping Capitec into the powerhouse it is today. His impact will be felt for years to come.”
Graham Lee to take over as CEO
Capitec has confirmed that Graham Lee, a long-time executive within the bank, will take over as CEO on July 19, 2025. Lee, 50, has been with the company since 2003 and currently serves as Group Executive of the Retail Bank division.
With a background spanning credit, technology, data, and retail banking, Lee has played a critical role in developing Capitec’s digital banking capabilities. His career includes experience in financial services and technology across South Africa, Zimbabwe, the UK, Australia, and Nigeria.
Before joining Capitec, he worked at Morgan Stanley in London and later led a microfinance bank in Nigeria. He has also lectured at the University of Stellenbosch Business School. Over the next few months, Lee will work closely with Fourie to ensure a smooth leadership transition.
What’s next for Capitec?
Founded over 20 years ago by billionaire Michiel Le Roux and business leaders Jannie Mouton and Riaan Stassen, Capitec has grown into a financial giant valued at more than $20 billion. It offers transactional banking, credit facilities, and digital financial services, with a strong focus on accessibility and innovation.
As Lee steps into the CEO role, his priority will be driving the next phase of growth through digital transformation, financial inclusion, and expansion. With rising competition and evolving consumer expectations, Capitec’s ability to adapt will be key to maintaining its leadership in South Africa’s banking sector.
