Capitec funnelled part of its earmarked R1.4 billion investment in strategic projects into bolstering its digital services, as the bank eyes moving its clients to cashless transactions.
The bank invested approximately R1.4 billion in strategic projects during the 2023 financial year. This included building and launching Capitec Business, the formation of an insurance business after being granted a long-term insurance licence, the launch of mobile virtual network operator During the year, it launched integrations with several digital payment solutions, such as Apple Pay, Samsung Pay and Google Pay, with zero transaction fees for local card purchases.
“Capitec Connect is growing well, with over 500 000 active SIM cards, and is disrupting the prepaid market with low-cost data that never expires. We’ve also introduced conversational banking on WhatsApp and Facebook Messenger.” The bank is migrating to Amazon Web Services and building its ability to engage clients across multiple channels “in a seamless way with the services offered by global leaders like Salesforce or LivePerson”.