The World Economic Forum recently highlighted an estimate that fewer than half of the 5.78 million SMEs in South Africa have a bank – largely because of high bank charges and transaction fees, though that is only one reason. While some 85% of South Africans have a bank account – the highest banking penetration in Africa – many of these are used for cashing out social security grants rather than transactions.
Overall, there remains a lingering wariness of digital payments, which means many SMEs are largely dependent on cash. That not only poses security concerns; the costs associated with moving physical cash into the banking system to pay suppliers are far higher. To break these barriers, Capitec Business has introduced a more affordable banking solution for SA businesses with new pricing effective from 1 March 2024. The bank has reduced its businesses banking pricing to a flat R50 monthly fee, with the same transaction fees that apply to its 21 million personal banking clients, regardless of the size or format of the busines
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