Capitec is set to broaden the way investors can trade its shares as South Africa’s biggest digital bank prepares to join A2X Markets, an alternative stock exchange built around technology-driven trading.
From Monday, September 7, Capitec’s ordinary shares will be available for trading on A2X following regulatory approval for a secondary listing.
The move will not replace its existing primary listing on the Johannesburg Stock Exchange (JSE), which remains the company’s main exchange.
Another Trading Venue for Investors
The A2X listing will give shareholders an additional regulated marketplace through which they can buy and sell Capitec shares.
The company says the arrangement is designed to increase investor choice and support greater liquidity without changing its issued share capital.
Grant Hardy, Capitec’s chief financial officer, said the additional listing forms part of the group’s efforts to create value for shareholders by giving them access to another trading venue.
“Our secondary listing on A2X supports our commitment to creating value for shareholders by providing access to an additional trading venue and enhanced liquidity,” Hardy said.
Capitec will become the latest major South African lender to use A2X.
Absa, Nedbank, Standard Bank and Investec already have secondary listings on the exchange.
A2X Builds Its Challenge to the JSE
A2X has positioned itself as a lower-cost alternative to traditional stock-market infrastructure.
Since launching in 2017 with just three listings, the platform has expanded to more than 175 securities.
Its chief executive, Kevin Brady, said the exchange’s technology allows it to operate efficiently and pass some of those savings to market participants through lower fees.
“A2X runs on the latest matching technology and passes the resulting efficiency gains on as lower fees,” Brady told TechCabal.
He said A2X’s fees are roughly 50% below those of the primary exchange.
The platform also offers features including Auction on Demand, which allows investors to initiate auctions when they need to execute trades, and Market at Close, which is designed to facilitate transactions around the end of the trading session.
Capitec Is No Longer Just a Bank
The secondary listing arrives as Capitec increasingly looks less like a conventional lender and more like a broad digital financial-services platform.
The company has expanded into payments, insurance, connectivity, devices and other financial services, building on the large customer base it developed through its banking operations.
Capitec is currently valued at about R540 billion, equivalent to roughly $33.8 billion, and has more than 26 million active clients.
That scale has become an important part of its expansion strategy.
Rather than having to build a new customer base every time it introduces a service, Capitec can offer additional products to millions of people who already interact with its platform.
Value-Added Services Continue to Grow
The shift is already visible in Capitec’s financial results.
Value-added services and Capitec Connect increased by 38% to R6.1 billion, or about $377 million, in the year ended February 2026.
Fintech also accounted for 26% of the group’s headline earnings during the period, highlighting how increasingly important technology-led services have become to the business.
The figures underline the extent to which Capitec has moved beyond its original identity as a lender since its establishment 25 years ago.
Capitec Connect Extends the Digital Ecosystem
One of the clearest examples of that strategy is Capitec Connect, the company’s mobile virtual network operator.
The service has grown to 1.5 million active clients, giving Capitec a significant presence beyond traditional financial products.
The company has also used its digital platform to distribute additional services and products.
Customers received 3 petabytes of free data valued at R78 million, while Capitec began selling smartphones directly through its app, including devices from Samsung and Apple.
These moves allow the bank to use its existing digital infrastructure and customer relationships to expand into areas that sit outside conventional banking.
A Large Customer Base Gives Capitec Room to Expand
Capitec’s growing ecosystem reflects a broader strategy of making its app and digital platform a gateway to a wider range of everyday services.
For technology businesses, building a large and consistently active user base can take years and require substantial customer-acquisition spending.
Capitec already has millions of active customers using its platform, giving it an established audience for new products.
The A2X listing therefore arrives alongside a much broader transformation of the company.
While investors will gain another venue for trading Capitec shares, the development also highlights how far the business has evolved from the lender it was when it began 25 years ago.
