“Capitec has lent R1.5 billion to gig-economy workers and other non-salaried customers during the first half of its 2027 financial year, highlighting the growing importance of alternative income streams in South Africa’s banking market. The strategy reflects a broader shift by the bank toward serving entrepreneurs, freelancers, informal traders and people with multiple sources of income as it targets a large emerging-market opportunity.”
Capitec targets a changing South African workforce
South Africa’s banking sector is increasingly being shaped by a workforce that does not always fit the traditional model of a monthly salary paid by one employer. Capitec is responding to this change by expanding its lending to customers who earn income through several sources, including gig work, freelancing, informal businesses and entrepreneurial activities.
The latest figures show just how significant this shift has become. According to a report published by Daily Investor on 8 October 2026, Capitec lent R1.5 billion to gig-economy workers and other non-salaried customers during the first half of its 2027 financial year.
The development is important because traditional lending models have historically relied heavily on predictable salaries. Customers with permanent employment generally provide banks with payslips and regular monthly income, making it easier for lenders to assess affordability and repayment risk.
However, the structure of work is changing. More South Africans are combining several income sources, operating small businesses, working independently or earning money through digital and platform-based activities.
Capitec believes this represents a substantial opportunity.
Non-salary income is growing faster
Data presented by Capitec indicates that non-salary cash inflows into its customers’ accounts increased by 5.8%, compared with formal salary growth of 3.5%.
The difference suggests that income generated outside conventional employment is becoming increasingly important to household finances.
This does not necessarily mean that traditional employment is disappearing. Rather, it indicates that South Africans are increasingly supplementing salaries or replacing them with alternative income streams.
For banks, that creates both an opportunity and a challenge.
The opportunity is straightforward: millions of people still require transaction accounts, savings products, insurance and credit even if they are not paid a fixed salary.
The challenge is determining how much a customer can safely borrow when their income may fluctuate from month to month.
Capitec’s strategy is therefore significant because it seeks to use customer banking information and evidence of income flows to understand customers whose financial circumstances may not fit conventional lending models.
Multiple-income earners become a major banking segment
Capitec’s latest results show that customers with multiple income sources have become one of its fastest-growing customer groups.
The number of multiple-income earners increased by 138%, according to information reported from the bank’s interim results presentation.
This category can include a wide variety of people.
A customer could, for example, earn money from freelance work while operating a small online business. Another might receive income from a formal job while also earning money through a side business, rental property or digital platform.
Gig-economy workers are another important group. These can include people who earn through delivery services, ride-hailing platforms and other flexible employment arrangements.
Capitec already explicitly offers credit products for customers who are self-employed or have multiple sources of income. Its current offering includes revolving credit, credit cards and personal loans, with qualifying customers able to access up to R500,000 for personal purposes.
The bank says applicants without fixed salaries can provide evidence such as bank statements, business documentation, invoices, proof of trade, rental agreements or other evidence appropriate to their income source.
A major opportunity in the informal economy
Capitec’s interest in non-salaried customers is also connected to the size of South Africa’s emerging and informal economy.
The bank has identified the country’s approximately R1 trillion informal or emerging market as an important long-term growth opportunity.
For financial institutions, this market is attractive because many consumers remain underserved by traditional financial products.
People who operate informal businesses may have money moving through their bank accounts every day, yet their income may not arrive as a conventional monthly salary.
That distinction can make a major difference when applying for credit.
Instead of asking only whether someone receives a fixed salary, lenders increasingly have the ability to examine patterns of cash flow, transaction activity and other indicators of financial behaviour.
For customers, this could eventually mean greater access to formal credit.
For banks, it could open a much larger customer base.
Capitec’s broader financial growth
The focus on non-salaried customers comes as Capitec continues to report strong overall growth.
The bank reported headline earnings of R9.5 billion for the six months ended 31 August 2026, representing an increase of 19% from R8.0 billion in the comparable period.
Its active customer base reached 26.6 million, while fully banked customers increased by 11% to 10.4 million.
The bank also reported that its gross personal loan book passed the R100 billion level for the first time, while loan disbursements increased by 21%.
These figures demonstrate that lending remains a major component of Capitec’s banking strategy.
However, the bank is not relying exclusively on traditional personal lending.
Its business banking division is also expanding rapidly. Capitec reported that Business Banking clients increased by 123% to 686,000, while credit to businesses increased by 37% to R35.5 billion.
This reinforces the broader picture: Capitec is attempting to build a banking ecosystem around individuals, entrepreneurs and businesses rather than treating these as completely separate markets.
Digital banking makes the strategy possible
Technology is another important part of the strategy.
Capitec reported that 16.5 million customers were using its app in the latest reporting period, while digital transaction volumes increased by 26% to 662 million.
A digital banking relationship gives the institution greater visibility into customers’ everyday financial activity.
That can be particularly valuable for people with irregular income.
For a salaried worker, income assessment may be relatively straightforward because a payslip shows a regular monthly payment.
For an entrepreneur, however, income may arrive from many different customers and on different dates.
For a freelancer, payments may vary significantly from one month to another.
For a gig worker, earnings may depend on the number of hours worked or demand for a service.
Digital transaction histories can potentially provide a more detailed picture of these financial patterns.
Responsible lending remains critical
Despite the opportunity, lending to non-salaried customers carries risks.
Irregular income can make it more difficult to predict future repayment capacity. A customer may experience a strong month followed by a period of significantly lower earnings.
Banks therefore need robust affordability assessments and credit-risk systems.
Capitec says its lending growth remains within its through-the-cycle risk appetite.
The bank’s approach illustrates an important change in modern banking: financial institutions increasingly have access to data that can help them assess customers beyond traditional employment classifications.
Nevertheless, customers also need to borrow responsibly.
Access to credit can help an entrepreneur purchase equipment, manage short-term cash flow or respond to a business opportunity. However, borrowing can become problematic if repayments are based on optimistic assumptions about future income.
The expansion of credit to non-salaried workers therefore needs to be accompanied by financial education, transparent pricing and careful affordability assessments.
Stokvels and community finance offer another opportunity
Capitec’s expansion into alternative financial markets also extends beyond lending.
The bank launched its Stokvel Account in September 2026, targeting South Africa’s long-established community savings culture.
According to the National Stokvel Association of South Africa, the country has more than 800,000 stokvel groups involving about 11 million adults, with the sector moving more than R50 billion annually.
Capitec’s digital Stokvel Account allows groups to save collectively and track contributions through the bank’s app. The product is designed to provide transparency while retaining the collective structure that makes stokvels popular.
This is another example of the bank looking beyond conventional banking categories.
Instead of focusing only on individual salaried customers, it is targeting communities, entrepreneurs, informal businesses and multiple-income households.
Competition in South African banking
Capitec’s strategy also comes at a time when competition across South Africa’s banking industry is intensifying.
Traditional large banks are increasingly competing with digitally focused institutions, newer banks and financial-technology businesses.
Capitec itself has grown from a challenger into one of the country’s largest banking institutions by customer numbers. Its latest results show that the bank now has 26.6 million active clients.
The next stage of competition is therefore likely to focus less on simply acquiring bank accounts and more on deepening relationships with customers.
For banks, understanding how customers earn, save, spend, borrow and invest can become increasingly important.
What the development means for South African consumers
The significance of Capitec’s R1.5 billion in lending extends beyond one bank.
It signals that South Africa’s financial sector is increasingly recognising that economic participation does not always follow a traditional nine-to-five employment model.
For freelancers, entrepreneurs, informal traders and gig workers, financial services may increasingly be designed around actual cash-flow behaviour rather than employment status alone.
That could improve financial inclusion if managed responsibly.
It could also create stronger competition between banks, encouraging institutions to develop products tailored to customers with complex income profiles.
At the same time, borrowers should remain cautious. A flexible income does not automatically mean that a larger loan is affordable.
Conclusion
Capitec’s R1.5 billion in lending to non-salaried South Africans represents more than a single banking statistic. It illustrates a broader transformation in how financial institutions view employment, income and creditworthiness.
As multiple-income earners, entrepreneurs, freelancers and gig workers become an increasingly important part of the economy, banks have an opportunity to bring more people into the formal financial system.
Capitec’s latest results show that the bank is already positioning itself around this shift, supported by a large digital customer base, growing personal lending, expanding business banking and new products aimed at community savings.
The bigger question for South Africa’s banking sector will be whether other financial institutions follow the same path.
If they do, competition could increasingly centre on who can best understand and serve the country’s changing workforce — not simply who can provide the most conventional salary-based banking products.
