Shareholders gain an additional market to trade Capitec shares when the bank begins a secondary listing on A2X Markets on September 7. The ordinary shares will start on the tech-driven alternative exchange while the bank keeps its primary listing on the Johannesburg Stock Exchange, and Capitec says its issued share capital will not change.
Grant Hardy, Capitec’s finance chief, framed the move as a shareholder benefit, saying, “Our secondary listing on A2X supports our commitment to creating value for shareholders by providing access to an additional trading venue and enhanced liquidity.” The bank positions the measure as a choice for investors rather than a corporate restructuring.
A2X pitches technology and lower fees as its edge. Kevin Brady, A2X’s chief executive, said, “A2X runs on the latest matching technology and passes the resulting efficiency gains on as lower fees,” and added that “A2X's fees are roughly 50% below the primary exchange.” The platform, launched in 2017 with three listings, now hosts more than 175 securities and offers execution tools such as Auction on Demand and Market at Close.
Capitec joins Absa, Nedbank, Standard Bank and Investec in holding a secondary listing on A2X. The bank’s scale helps explain why it chose the venue: it is valued at R540 billion ($33.8 billion) and serves more than 26 million active clients.
The timing also reflects a strategic shift. In the year ended February 2026, value-added services and Capitec Connect rose 38% to R6.1 billion ($377 million), and fintech now accounts for 26% of group headline earnings. Capitec Connect has 1.5 million active clients. The group also provided customers with 3 petabytes of free data valued at R78 million ($4.8 million) and has begun selling smartphones, including Samsung and Apple devices, through its app.
For investors the key question is whether easier access and lower execution costs on A2X will translate into more trading, narrower spreads and greater turnover for Capitec shares. A secondary venue can broaden who can trade the stock, but liquidity will be split across two markets and requires close monitoring.
Active trading on A2X begins September 7. Market participants will be watching volumes and spreads to judge whether the extra venue meaningfully improves liquidity, and investors will track whether Capitec’s digital expansion converts its large user base into sustained revenue beyond traditional lending.
