To compare to Capitec's growth story is not viable, IMO. Capitec's balance sheet when they started out in 2002 was 10 times bigger than Finbond's. I think Finbond's market cap now is like R70m vs Capitec that had R500m in 2002 already. Much Much easier for Capitec to have raised funds for fixed infrastructure expansion (branches and point of sale infrastructure and rollout). Still though, this is an attractive sector, and Capitec has proven to the investment world that retail banks can be taken on in SA very profitably. So maybe Finbond can play in this space after all - but I have my real doubts about their comparative ability to build a point of sale infrastructure. Retail banking, I think, will be beyond their reach. That is not an industry that you can grow organically from a base as big as theirs.