Capitec CEO Graham Lee and Helena Wasserman, business editor of News24.

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For the second year in a row, Capitec won the News24 Bank of the Year award.

Using a unique set of criteria, banks are evaluated across several measures, including a survey of more than 13 000 News24 readers about their experience with their primary bank.

The winner is also determined by News24’s qualitative assessment of a company’s transparency, responsiveness, and communication. Complaints data, as compiled by the National Financial Ombud, are among the other inputs. An actuarial consultant audited the final rankings.

Capitec received exceptional scores in the reader survey, with more than 93% of its participating clients giving it a rating of either four or five out of five for client service and communication.

“Our survey also found that more than 9 out of 10 participants would recommend Capitec to friends and family – helping to explain why it now has 25 million clients,” said News24 Business editor Helena Wasserman.

Capitec impressed with the efficient way it handles complaints, and the News24 team highlighted the bank’s proactive stance against banking fraud and its media communication.

At a gala event in Cape Town on Thursday evening, Capitec CEO Graham Lee thanked the passionate 16 000 employees of Capitec, who work hard to give service to the bank’s 25 million clients.

Capitec was launched in 1997 as part of the PSG Group.

Since its unbundling and listing on the JSE in 2002, the bank has gained enormous traction, thanks to its simple-to-understand bank products and low fees.

Now valued at more than R500 billion, Capitec is making a big push into business banking and targeting the high-income market.

The awards function was sponsored by Uber.