Capitec Bank has announced an innovative fee structure for 2025 that promises to simplify and reduce banking costs for millions of South Africans.
South Africa’s leading bank by customer numbers on Wednesday said this initiative represented a significant step towards making banking services more affordable and transparent, affirming its commitment to financial inclusion.
A recent survey of more than three million public social media posts between September 2023 and August 2024 revealed customer service struggles across South African banks, with fraud-related issues being prevalent as customers reported unauthorised transactions, missing funds, and limited or slow resolution from support teams.
A score of 0%, achieved by Capitec, meant that positive and negative comments were equal.
Francois Viviers, group executive for marketing and communications at Capitec, articulated the bank’s perspective on pricing as a key determinant in the fight for accessible banking.
“By consolidating our fees into clear, simple tiers and reducing costs for essential services like debit orders and immediate payments, we’re making it easier for South Africans to understand and manage their banking fees,” Viviers said.
At the heart of Capitec’s new fee structure is a streamlined approach featuring just five clear price points: R1, R2, R3, R6, and R10.
This move simplifies banking fees, condensing over 30 previous price points into intuitive tiers, thus increasing transparency for customers:
R1: Payments between Capitec accounts, including Capitec Pay.
R2: Payments to other banks via EFT or PayShap.
R3: Debit orders.
R6: Immediate payments for real-time transfers.
R10: Cash withdrawals per R1,000, at Capitec or other banks’ ATMs.
Capitec has extended its simplified fee structure to encompass business banking clients, offering the same competitive rates as personal banking accounts.
It said this decision not only aimed to support entrepreneurs and small businesses but also underlined the bank’s broader vision of promoting economic inclusion and growth.
Business accounts will require a minimum balance of R150 and will incur a monthly fee of R50, which grants access to a dedicated relationship suite available 24/7 for personalised support.
Meanwhile, the monthly account fee for personal banking clients remains unchanged at R7.50, solidifying Capitec's position as one of South Africa’s most affordable banking options.
“Traditional banking is complex and expensive, at the expense of most South Africans. Our fundamental belief is that pricing should be affordable, simple, and transparent, so that our clients know what they pay and what they get,” Viviers said.
He also said the introduction of this new pricing structure was underpinned by Capitec’s commitment to technological innovation.
Viviers noted that the bank has harnessed cloud computing, particularly through Amazon Web Services (AWS), to optimise its operations.
“This investment has improved our system resilience and enabled quicker feature deployment, allowing us to achieve efficiencies and pass the savings back to our clients,” he said.
Capitec’s revised fee structure is not merely about cost; it aligns closely with the South African Reserve Bank’s (SARB) Vision 2025 initiative, which aims to accelerate economic growth through inclusive and accessible digital payments, but is making a tangible contribution towards enhancing financial inclusion.
“When more South Africans and businesses have access to affordable banking services, it creates a ripple effect throughout the economy. Our simplified fee structure is more than just pricing – it’s about removing barriers to financial services and fostering economic growth for all South Africans,” Viviers said.
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