Capitec Business Introduces Affordable Banking Solution for South African SMEs

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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