Capitec CEO Challenges Official Unemployment Figures, Sparks Debate

(The Post News)- Capitec CEO Gerrie Fourie has stirred the pot with claims that South Africa’s unemployment crisis may not be as dire as official numbers suggest, a view that has now found unlikely backing in government circles but raised concern from the nation’s statistics agency.

Fourie recently told Business Day that the country’s true unemployment figure is closer to 10% rather than the 32.9% recorded in the first quarter of 2025. He argues that the informal economy, from spaza shop owners to street vendors, is not properly recognized in national data.

“The lady who sells vetkoek and makes R1,000 a day is regarded as unemployed, but she’s not unemployed; she’s a businessperson,” said Fourie, referencing KasiNomics author GG Alcock, known for his work on township economies.

However, Stats SA disagreed. Statistician-General Risenga Maluleke shot back in a letter to the paper, saying Fourie’s remarks were “incorrect and misleading.” He insisted that Stats SA uses internationally recognized standards, including those set by the International Labour Organization, to count workers in both the formal and informal sectors.

Maluleke explained that their labour surveys track unregistered workers, businesses with fewer than five employees, and other informal work setups. “The informal sector is measured, tracked, and reported on consistently,” he said, urging industry leaders to base critiques on “solid evidence.”O

Still, not everyone is dismissing Fourie’s argument. Trade, Industry and Competition Minister Parks Tau said in Parliament this week that the informal sector’s role in job creation “has arguably been understated for a long time.” While he hadn’t read Fourie’s full comments, Tau acknowledged the need for government to find “innovative ways” to better understand and support this part of the economy.

“If you take into account the informal sector, there is a significant undercount,” said Tau. “We must collectively resolve this so we acknowledge the informal sector but also reinforce the support mechanisms.”

Critics, however, warn of the danger in reclassifying survivalist work as stable employment. There’s a risk that by reframing poverty as entrepreneurship, government may dodge responsibility while millions continue to live without job security, healthcare, or pensions.

Capitec, with over 24 million customers, may have the country’s largest banking footprint, but Fourie’s view has opened a much bigger discussion, one not just about numbers, but about how South Africa defines dignity and work. Fourie is set to retire in July 2025. Whether his comments spark policy change or simply more debate remains to be seen.