Capitec Bank revealed that its retail clients using digital channels swelled by 17% or 1.9 million new customers to 10.5 million for the year to end-February 2022 versus 8.6 million in 2021.

“Active digital users of the banking app, USSD channel, internet banking or a combination of digital channels increased by 17% to 10.1 million, the digital bank informed investors today.

Capitec added that clients performed 1.4 billion digital transactions for the year, an increase of 27% versus R800 million in 2021.

“We encourage our clients to make use of digital channels to manage their banking costs,” said Capitec.

The banking group added that in March 2022, most of its digital fees remained unchanged for the 4th consecutive year.

“We have free payment features on our app such as Scan to pay and Pay me using mobile devices. Pay me was launched in December 2021,” Capitec said.

“This functionality enables clients to generate a personalised quick response (QR) code on our banking app to receive payments immediately and securely from other Capitec clients at no transactional fee.”

During the year, Capitec enhanced payment solutions such as Scan to Pay which allows clients to scan any major QR code in SA and pay from the app.

It also introduced an innovation called Pay Me which generates a personalised QR code for every client on their app or WhatsApp, allowing them to receive immediate payments from other Capitec clients at no cost.

The capability to join the bank remotely by downloading the app and taking a selfie was further enhanced with the option to have a card delivered to your home for free.

The online application for home loans was further simplified to a 4-step process that is completely digital and paperless. Other client favourites included immediate payments at a cost of R7.50 as compared to traditional banks charging up to R50.

 Also read: Discovery Bank Retail Deposits Skyrocket To R9.5 Billion and TymeBank Launches Medical Insurance For As Little As R139 A Month

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