Capitec’s Live Better Programme Brings Some Relief To Consumers Hit By Rising Cost Of Living

Capitec Bank
Capitec Bank

A household food basket in South Africa currently costs South Africans R4 688.81. This is a year-on-year jump of R560.57 (a 13.6% increase from June 2022 vs June 2021) affirming how financially stretched many South Africans are feeling. Add that petrol and diesel have just recently shattered the R25 per litre ceiling for the first time, electricity woes and rising inflation across the board, pockets are being seriously pinched. In this climate, Capitec’s Live Better Programme is making a massive difference. As of July 2022, the bank has helped its clients save R639 million. By December 2022, it aims to help increase clients’ savings to R1 billion.

Francois Viviers, group executive of Marketing and Communications at Capitec, says, “Our goal with Live Better is to give people a buffer in times of uncertainty and to prompt powerful shifts in savings behaviour. Right now, over 7.2 million clients are living better with us, with 47% of them saving better through our automatic tools.”

Petrol is a massive concern for South Africans. The average tank of fuel for the popular Polo Vivo now surpasses R1,125 based on its 45L capacity and the latest price increases. Viviers adds, “Regarding fuel, clients get 20c cash back per litre at any Shell Garage, and 40c back on Live Better Day – the 10th of every month. Small savings add up, especially with our double cash back benefit!”

Since the introduction of Live Better day, clients get their cash back savings on the 10th of the month, making it a ‘bonus pay day’.

Viviers concludes, “Our goal with Live Better is to grow a strong savings culture in South Africa, while combating the rising cost of living. We want to reward our clients and bring real relief to their pockets simply for banking with us. We will also be expanding our Live Better partner base to ensure we’re meeting the evolving needs of over 18 million clients that bank – and live – better with us.”

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