Capitec Banking App Reaches 1.8 Million Users

Capitec is planing to expand its product offering to include business banking.

Capitec Banking App
Capitec Banking App

Capitec Bank has hit a new milestone, with close to 2 million active users now on its mobile banking app. The nation’s biggest provider of unsecured loans informed investors on Wednesday.

The lender said its app was used by 1.8 million clients, reflecting an increase of 62% from August 2017.

The Capitec Banking app was officially launched on 17 June 2014 and offers core transactional functionality to all its Global One account holders via mobile on all platforms.

It provides core functionality (payments, transfers, balance checking and authentication) to banking customers.

“Our digital innovation remains focused on offering clients convenience and security,” the banking group said on Wednesday.

The group said self-service banking transactions (including the banking app; internet banking; unstructured supplementary service data or USSD, which is mostly used by clients who do not have smartphones; in-branch self-service terminals and dual note recyclers) have increased in volume by 27% to 295 million at the end of August 2018 versus 231 million in the previous year.

For the 6 month period ended August 2018, 146 million transactions had been performed via our banking app, the company said.

The lender added that has attracted 109 000 additional active clients every month for the last 6 months.

The banking group now has 10.5 million active clients. “We continuously improve efficiencies to ensure clients receive the best service and are able to be in control of their money,” it said.

Capitec is planing to expand its product offering to include business banking.

“This may include the acquisition of Mercantile Bank Holdings Limited, for which we submitted a formal bid on 31 August 2018,” the lender said. “We await the outcome.”


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