Capitec has published its updated fee schedule for the 2021/22 financial year, which will come into effect on 1 March 2021.
The group, which now has over 15 million customers, has kept large parts of its fee structure unchanged from 2020, in a bid to support customers through the Covid-19 pandemic.
No increases were applied to monthly fees or digital banking, with the Global One monthly admin fee remaining flat at only R5.
The monthly credit card fee was also kept stable at R40, with other fees like debit orders and digital payments also staying the same at R3.50 and R1.00, respectively.
Email statements and transfers between own accounts remain free when using the banking app, USSD and Internet banking, while the cost of purchasing prepaid airtime and electricity also remains the same at 50 cents when using digital channels.
In other places, fees were cut. Immediate payments were reduced to R7.50 from R8.00 last year – the same cut as withdrawal fees at Capitec ATMs.
Capitec’s withdrawal fees have been cut from R8 per R1,000 to R7.50 per R1,000, making it cheaper for customers to get their money out at a native Capitec ATM.
However, the fees at other bank ATMs and at till points (PnP/Shoprite/Checkers/Boxer stores) have increased.
Deposit fees have also increased by 10 cents per R100 deposited at cash-accepting ATMs.
Francois Viviers, marketing, and communications executive for Capitec, said the cost of immediate payments was lowered to allow clients to easily pay people at other banks. “This is a great alternative to large cash payments or an EFT that can take much longer to clear,” he said.
“The adoption of digital banking is growing rapidly as people seek ways to bank safely and maximise convenience. As a result, we now have over 5.1 million clients using our banking app every month, which has grown by over a million in the last six months,” he said.
Capitec said it has bolstered its digital offering to clients through the launch of scan to pay functionality, compatible across Zapper, SnapScan and MasterPass; a free virtual card; and the ability to invest in shares on stock markets in South Africa and the USA from their banking app through the EasyEquities widget.
Capitec also introduced money in and money out notifications in their banking app as a free alternative to the traditional SMS notification at 40 cents.