Capitec chief executive officer Gerrie Fourie says the bank has big plans for 2019, but will wait until close to launch, before making any major announcements.
Speaking at the bank’s results presentation on Thursday (28 March), Fourie said the bank will put a strong focus on digital and credit products, which will launch into to the market over the next 12 – 18 months.
Fourie said that these products will optimise profitability, but are also aimed at adding value for clients.
And despite his reluctance to announce anything too soon, Fourie did confirm at least two new features customers can expect within the next few months.
Fourie said that the bank plans to launch its ‘send cash’ feature in the next two weeks. This will enable a Capitec client to send cash to a person who does not have a bank account, who can then collect cash from any Shoprite Checkers store, with additional collection options to be added at a later date.
“This client can go to a cashier with a code and collect his cash. We will also plan to extend this to ATMs and other retailers as there is a big need from our clients to send money to rural areas,” said Fourie.
He said that the person sending the money can do so anytime using the Capitec app.
He added that if a person is transferring from a Capitec to Capitec account, the funds will be immediately available.
Fourie also confirmed to BusinessTech that Capitec will launch a tap-and-go functionality in mid-2019.
Speaking to BusinessTech at the end of 2018, Francois Viviers marketing and communications executive at Capitec, said that the bank sees’ tap-and-go’ becoming a mainstream technology.
“We think tap-and-go functionality is going to become a mainstream technology, and in some countries in Europe it has already tipped from swiping cards to tap-and-go,” he said at the time.
“It is definitely in our plans, but I think it is important to remember that Capitec focuses on the needs of the mass-market.”
“We are a bank for 95% of the population and our energy up until now has been to ensure that we have the best solution in terms of our product offers and our app for the broad base of the population.
“But by next year we believe the market will tip, and tap-and-go will become more prevalent at major retailers – meaning we will be ready with tap-and-go as well.”