Capitec Bank’s mobile virtual network operator, Capitec Connect, more than doubled its net income contribution to R442-million in the year to 28 February 2026, as subscribers, data traffic and voice minutes all surged.
The Cell C-hosted operator, which launched in late 2022, reported 1.5 million clients active in the past three months of the reporting period, up from 900 000 a year earlier. Net income rose from R193-million in the previous financial year, according to Capitec’s integrated annual report, published on Wednesday along with its annual financial results.
Data usage – excluding rewards data – effectively tripled to 40.5 petabytes from 13.4PB, while voice traffic more than doubled to 768 million minutes from 307 million. Clients received an additional 3.2PB in data rewards since 1 March 2025.
The numbers confirm Capitec Connect’s position as South Africa’s largest MVNO. JSE-listed Cell C has previously described the bank’s operator as the most successful MVNO on its wholesale platform, which hosts more than five million MVNO subscribers in total.
Airtime Advances – a short-term credit product that lets clients borrow airtime against their account – recorded R97.3-million in sales during the year, up from R24.4-million. The feature has become a useful hook for driving broader banking app engagement.
Capitec has also used the MVNO to underpin its growing device financing business. Clients who buy mobile devices through the bank receive 5GB of complimentary data each month for 12 months when they link their Capitec Connect number to their main account. Handsets are sold nationwide at discounted prices with flexible payment options including cash, credit card and loans.
Fintech strategy
Capitec Connect sits at the centre of the bank’s broader fintech strategy, alongside its value-added services (VAS) business, which covers cross-border transfers, and airtime and electricity advances. Together, the two units generated R4.4-billion in headline earnings for the year, up 38%. Fintech and insurance combined now contribute 53% of Capitec’s group earnings.
The report flags plans to “enable home connectivity through partnerships” – a clear signal that Capitec is moving towards a fixed-line or fixed-wireless internet offering to complement the mobile business. The bank said it would continue to expand access to affordable data, airtime and device financing through the MVNO.
Read: MVNOs take centre stage in legislative shake-up
The Capitec Connect numbers will be welcome reading for Cell C and its biggest shareholder, Blu Label Unlimited Group. Cell C returned to profitability in its 2024/2025 financial year on the back of its wholesale and MVNO business, with Capitec Connect singled out as its standout partner. — (c) 2026 NewsCentral Media
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