10 Things You Didn’t Know About Michiel Le Roux

Former lawyer turned successful entrepreneur, Michiel Le Roux is a force to be reckoned with in the world of business. He is the founder of Capitec Bank, one of the largest commercial banking corporations in South Africa. Despite his enormous success, not much is known about him beyond his career achievements. This article seeks to provide more insight into the man behind this empire, revealing some untold facts about one of South Africa’s wealthiest businessmen.

1. He started his banking career later in life

Unlike most other successful entrepreneurs, Michiel Le Roux did not start his banking career in his early years. After achieving his law degree, he pursued a career in the legal field, where he had a successful practice. What most people don’t know is that Le Roux was 50 years old when he decided to venture into the banking industry. For him, it was a new challenge and a new opportunity that he bravely embraced.

In 2000, he established Capitec Bank with the vision of providing accessible banking services for all South Africans. His late entry into the banking world did not stop him from turning Capitec Bank into the massive success that it is today. He truly embodies the adage, “It’s never too late to start.”

2. He has received international recognition for his work

Le Roux is not just a well-known personality in South Africa, but his work has also gained recognition internationally. Capitec Bank, under his leadership, has received several awards for providing excellent banking services. Not many may know that in 2012, The Lafferty Group, an international banking advisory group, ranked Capitec Bank as the best bank in the world.

Thereafter, Le Roux himself was recognized on an international level. In 2016, he entered the Forbes list of African billionaires with a net worth of $1.2 billion. This is a testament to his remarkable leadership and innovative thinking in his banking undertakings.

3. He’s a strong advocate of financial inclusion

Despite being one of the wealthiest men in Africa, Le Roux is a staunch advocate for financial inclusion. This motivation was his backbone when he started Capitec Bank. His vision was to provide a banking system that catered to all, regardless of their financial status.

Capitec Bank targets people of lower income and those who are generally not catered to by traditional banks. Capitec Bank’s model and minimal bank charges have been largely popular among the lower and middle-income population in South Africa, setting the bank apart from its competitors.

4. He’s not a flamboyant billionaire

Despite his immense fortune and success, Le Roux is known for his humble persona. He leads a relatively private life, seldom making public appearances or indulging in ostentatious displays of wealth. For Michiel, wealth isn’t defined by the flashy elements that come with being a billionaire, but by the impact he’s able to make in society through his work.

His humility extends beyond his personal life into his professional one. Despite his position, Le Roux took only R600,000 ($40,000) as his annual salary when he was the chairman of Capitec Bank. His down-to-earth attitude has drawn the respect of many in and out of the banking sector.

5. He encourages entrepreneurship

Le Roux has always been a strong advocate of entrepreneurship and innovation. He is known to encourage the growth and development of entrepreneurs through mentorship and funding. He believes that through entrepreneurship, individuals can achieve their financial independence.

Despite his high stature, Le Roux has been hands-on with many entrepreneurial projects across South Africa. He never hesitates to offer his advice and share his journey to success as a form of teaching an upcoming generation of entrepreneurs. This goes to show that even as a top executive, Le Roux is still very much engaged in building and growing small businesses.

6. His belief in simplicity

Michiel Le Roux believes in simplicity and this is the core of Capitec Bank’s operations. He prefers to keep things simple, efficient, and accessible. This approach is what has set Capitec Bank apart from other traditional banks in South Africa.

Capitec Bank prides itself on its user-friendly interface and services. It offers a single type of bank account that comes with numerous features. Instead of offering different types of accounts with various features like traditional banks do, Capitec Bank aimed at creating an all-in-one, simple, and easily accessible account for its customers.

7. His net worth

While Michiel is reportedly worth over a billion dollars, his wealth is not as publicly known. According to the Forbes list in 2018, his net worth was estimated at $1.2 billion making him one of the richest individuals in South Africa.

It is important to note that Michiel’s wealth is not derived from some traditional sources of wealth such as family inheritance. His wealth is largely attributed to his vision, hard work, resilience and impeccable business acumen.

8. Zealous about banking technologies

Le Roux is known for his interest in technologies and how they can be utilized in the banking industry. His enthusiasm in innovation and adaptation of technology in banking operations is arguably one of the reasons behind Capitec Bank’s success.

In an era where technological development is fast-paced, he has put a significant investment into the development of user-friendly interfaces and technology that allows remote and easy banking for Capitec customers. This has not only set Capitec apart from other banks, but it has also led to a noteworthy increase in customer satisfaction.

9. He has a law degree

Prior to his banking career, Michiel Le Roux was a practicing lawyer. He graduated from Stellenbosch University in South Africa with a law degree. He worked in this field for a quite some time before making the switch to banking.

His legal knowledge and experience played a great role in his success in the banking industry. His understanding of the legal aspects associated with establishing and running a bank was crucial in the founding of Capitec Bank.

10. His view on life and success

Le Roux has a unique perspective on life and success. Despite being a billionaire, he does not see material wealth as the ultimate measure of success. To him, success is about achieving one’s goals and making a positive impact on other people’s lives. He takes more pride in the financial inclusion he brought to South Africa than in his monetary achievements.

His personal philosophy of life puts more importance on values, experiences and the impact one can make in society. His goal has always been to make a difference in people’s lives through his work. He believes that if people put their hearts in what they do and remain patient, success will naturally follow.

To learn more about Michiel Le Roux and Capitec Bank, visit the following links:

Capitec Bank About Us
Michiel Le Roux on Forbes
The Lafferty Group