CAPITEC WON’T INCREASE DIGITAL, DEBIT ORDER FEES

CAPITEC, with more than 6.9 million digital clients, announced yesterday that it would not increase fees for digital banking and debit orders in 2020. Capitec chief executive Gerrie Fourie said that digital banking was transforming the way South Africans managed their money. “The convenience of doing payments, buying data or managing your accounts on your phone helps clients save time and money and puts the control in the palm of their hands. Last year we lowered our digital banking fees, helping our clients to save more than R200 million. This year we’re not increasing those fees,” he said. Fourie said electronic payments fees on app, US$ and internet banking (R1) would not increase, while transfers between own accounts, email statements and the purchase of airtime and electricity were free on digital platforms. Going forward, the Global One monthly admin fee will also remain at R5. “It’s another way we’re helping our clients to simplify their financial lives, as real-time payments are a safe digital replacement for carrying cash. It gives clients the opportunity to pay someone immediately and is often more affordable than withdrawing larger amounts of money,” said Fourie. Debit order fees remain the same at R3.50. App-based debit order disputes are R5 and approving debit orders on DebiCheck, a new type of debit order requiring confirmation from the client before an order can go ahead, are R1. “We’ve kept these fees affordable as people often have numerous debit orders, which can quickly add up each month,” said Fourie. He said while Capitec was driving digital transformation in the banking industry, they recognised that cash remained a reality for many South Africans.