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- Capitec CEO Gerrie Fourie says he sees too many people saying the government must do this; companies must do that.
- He says it's time for South Africans to take ownership of their lives and destinies.
- He believes a great start is living within your means and building something of your own.
- For more financial news, go to the News24 Business front page.
Capitec reinvested R1.4 billion of its profits back into the business in the year that ended on 28 February. It invested even more in the years prior, buying Mercantile Bank and went on a hiring spree of IT technicians and fourth industrial skilled people in 2021.
Its CEO, Gerrie Fourie, says these are actions of a company that sees great potential in South Africa.
"South Africa has got immense potential and growth opportunities. I think that's what Capitec is in South Africa and wholly South African-focused," he told investors during the presentation of the bank's latest financial results.
Fourie admits that with unprecedented load shedding, a greylisting by the Financial Action Task Force, and pervasive crime and corruption headlines, it's easy to focus on that rather than what each person can do to better their lives.
Click here to see Capitec's share price data.
He believes it's time for South Africans to "take ownership" of their lives instead of blaming someone else for the direction they are headed.
"If we really want to get it right, then we, as South Africans, need to take ownership of our destiny.
"I see too many people saying the government must do this; companies must do this," he said.
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Keeping up
Fourie told News24 he believed this was the behaviour of someone not wanting to take ownership and develop themselves to a point where they are ready for the challenges this economy will throw at them. He made an example of many South Africans' habit of living beyond their means.
Fourie said that as frustrating as the rising cost of living and interest rates are, tightening one's belt instead of "keeping up with the Joneses" would make the current state of affairs more bearable.
He claimed a fixation with "fancy" jobs and "fancy" salaries, instead of building something of one's own, was another pitfall. Fourie said there's a lot of entrepreneurial spirit in SA, but if it matched that of other African countries, the country could go much further. He cited as an example foreign entrepreneurs who have dominated local township economies.
"If you look at how our people from the rest of Africa are dominating the townships - go into a restaurant today, and all the waitresses are coming from Zimbabwe, Malawi, etc.
"Where are our own people? Why are they not doing it? Why are they not going that extra mile?" said Fourie.
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Fourie believes that there is room for South Africans to determine their own destinies instead of depending on the unreliable state. He argued that a person without a plan for their life tends to view macroeconomic developments through a more negative lens.
"And they will probably have this entitlement culture that the company or somebody else must look after them instead of saying, what can I do for myself?"
But Fourie admitted that some people do need help because of the dismal state of education in the country. He said that's where companies need to come in with their deep pockets.
"We really can make a difference. I think it's a different mindset that we need to have. There are opportunities. But you will never find those opportunities if you're negative…Take ownership. Look for opportunities, and let's be positive," he added.
CORRECTION: An earlier version of this article said Capitec reinvested R600 million of its profits into the business in the year that ended on 28 February. That figure only considered investments made towards strategic initiatives. The total reinvestment was R1.4 billion. News24 regrets the error.
