Capitec’s Bold Move: Investing in People Alongside AI

South Africa’s largest retail bank by client base, Capitec, is defying industry trends with a strategy that sees artificial intelligence empowering employees rather than replacing them. While many companies are announcing layoffs amid AI adoption, Capitec continues to expand its workforce.

Headcount Growth Amid Digital Transformation

According to the company’s latest financial report for the year ended February 2026:

• Total staff increased by 4.3% (711 employees) to 17,236
• Almost 5,000 employees actively use AI tools daily
• Salaries rose by 12%

CEO Graham Lee emphasized that Capitec intends to continue hiring specialists to strengthen its capabilities rather than reduce staff.

Real-World Impact of AI Integration

Capitec’s AI initiatives are already yielding tangible results across multiple fronts:

• Customer service: Pulse, an AI system analyzing customer calls in real-time, reduced handling times by up to 18% and improved agent performance by 26%
• Fraud prevention: Models blocked over 131,000 fraudulent beneficiaries and prevented more than 394,000 scam payments, potentially saving clients $40.8 million
• Operational efficiency: AI is being integrated into both customer-facing services and backend processes

Responsible AI Framework

Capitec has taken a proactive approach to managing AI risks:

• Enhanced model risk management to a “tier-1 risk” status
• Listed “black box” and agentic AI as emerging risks
• Focused on ethical practices, security, accessibility, and improved customer experiences

The bank’s commitment extends beyond technology—Capitec Connect, its mobile virtual network operation (MVNO), gave back 3 petabytes of free data worth $4.7 million to help users stay connected.