Capitec will officially launch its new contactless card and a new banking app in the coming weeks.
Speaking to BusinessTech, Capitec CEO Gerrie Fourie said that the new contactless card has already launched in the Western Cape and is currently being rolled across the bank’s Gauteng branches.
He added that the card will be rolled out to the rest of the country’s provinces at the start of October.
Over the same time period, Fourie said Capitec will be launching an updated banking app.
“The app will feature a number of new features including a greater level of personalisation,” he said.
“The app has also been built with the plug-in, plug-out functionality so that we can easily add any new fintech developments directly.”
South Africa’s biggest bank
The new developments come on the back of impressive results for Capitec which reported an 18% increase in operating profit before tax to R3.83 billion for the half-year ended August 2019.
Headline earnings per share increased by 20% to R25.45 per share, from R21.28 per share in the prior corresponding period.
Earnings per share increased by 20% to R25.49 cents per share, from R21.22 per share in the prior corresponding period.
“We have 834 branches across the country in convenient locations and approximately 6 million clients visit our branches every month. We have converted 122 branches where we have removed the cashier and implemented a full self-help functionality.
“This enabled us to add an additional consultant workstation for further capacity in the branch, ” Capitec said.
“The delivery on clients’ needs through personalised service has resulted in an average client growth of almost 200,000 per month over the last 6 months. We now have 12.6 million active clients,” it said.
The bank said that it has about 6.8 million customers actively using its digital channels which “likely makes us the biggest digital bank in the country,” Fourie said.