Capitec, a South African most loved bank has reported positive headline earning of 15% in a twelve months period to reach financial earnings of R9.7 billion.
The bank revealed that it helped its clients to pockets over R800 million through its customer-friendly rewards programmes such as Live Better.
The bank also mentioned that it has invested close to R1.4 billion in this current on its strategic projects which includes the building and launching of Capitec Business, the formation of an insurance business after being granted a long-term insurance licence, the launch of Capitec Connect and other many other projects.
It also introduced several digital payment solutions which are integrated into its app, it activated platforms such as Apple Pay, Samsung Pay and Google Pay- few months ago also introduced its online payment solution tool known as Capitec Pay.
The bank's performance over the years has made even its boss to be more resilience despite challenges are facing the country and he seems excited about the future of the bank and its innovations to serve the needs of its clients.
Gerri Fourie,Chief Executive Officer at Capitec, said," We're motivated by the trust that our clients place in the brand, especially in these tough economic times. We remain focused on our fundamentals and continue to innovate to bring value to our clients and employees. We strongly believe that South Africa is a country of immense potential and growth opportunities and invest in initiatives that will allow us to unlock this potential. Companies should work together with Government and rise above the challenges, remain positive, seek opportunities, and take action."
Capitec clients has increased by 11% to reach 20.1 million by February 2023 which is a one-third of the South African population.
The bank's has helped its clients to save over R510 million by reducing SMS fees, introducing free in-app notifications, and keeping digital banking fees the same for the year.
The bank revealed that more than 13 million Live Better participants by the end of February of this year and its rewards programme helped them to be named the "best financial services loyalty programme of the year" at the 2022 SA Loyalty Awards.
"Our long-term strategy is to move clients away from cash transacting. The Live Better programme rewards clients for using our products and for paying with their debit and credit cards instead of cash. This motivates positive banking behaviour and provides rich data based on which we can offer our clients better solutions and more value. We also bring clients value-added services and world-class digital payment solutions. Capitec Connect is growing well with over 500 000 active sim cards and is disrupting the pre-paid market with low-cost data that never expires. We've also introduced conversational banking on WhatsApp and Facebook messenger, allowing the bank to scale its service model to deliver exceptional client experiences." said Fourie.
The bank has started to rebrand its Business bank to Capitec Business and also mentioned that some of its existing clients are being migrated onto a new platform and portal is expected to be launch in next few months.
"South Africa has over 2.5 million SMEs that contribute around 40% to the GDP. We believe that these small businesses are often underserved and burdened with expensive and complex banking solutions. Offering simple, transparent and more affordable banking to small and medium businesses can unlock economic potential and create job opportunities in South Africa.", commented Fourie.