Capitec announces new fees for 2025

Capitec has unveiled its new banking fees for 2025, which includes a new structure to simplify its pricing even further.

Capitec said that the simplified and reduced fee structure for 2025 marks a major step toward making banking more accessible and affordable for all South Africans.

The new structure will also simplify banking fees by introducing reduced prices for key services.

The new fee structure revolves around five key price points: R1, R2, R3, R6, and R10.

By simplifying over 30 price points into these clear tiers, Capitec said that it makes its banking fees more transparent: 

• R1: Payments between Capitec accounts, including Capitec Pay. 
• R2: Payments to other banks via EFT or PayShap. 
• R3: Debit orders. 
• R6: Immediate payments for real-time transfers. 
• R10: Cash withdrawals per R1000, at Capitec or other banks’ ATMs. 

“By consolidating our fees into clear, simple tiers and reducing costs for essential services like debit orders and immediate payments, we’re making it easier for South Africans to understand and manage their banking fees,” said Francois Viviers, Group Executive of Marketing and Communications at Capitec.

When it comes to business banking clients, Capitec will offer the same rates as personal banking accounts.

It said that this change underscores the bank’s commitment to fostering economic inclusion and growth for both entrepreneurs and small businesses.

Business accounts will require a minimum balance of R150 and include a monthly fee of R50, which will provide access to a dedicated relationship suite available 24/7 for personalised support. 

The monthly account fee for personal banking clients will remain unchanged at R7.50, which will maintain Capitec’s position as one of the nation’s most affordable banks.

The monthly administration fee for credit cards stands at R50.

“Traditional banking is complex and expensive, at the expense of most South Africans,” said Viviers.

“Our fundamental belief is that pricing should be affordable, simple and transparent so that our clients know what they pay and what they get.”

“This philosophy extends across our entire product range – from everyday banking to insurance and Capitec Connect.”

“By maintaining competitive premiums on our insurance products and offering affordable mobile data rates, we can ensure that comprehensive financial services remain within reach for all South Africans.”   

He added that Capitec’s new pricing structures result from deliberate technological innovation and investments behind the scenes.

He added that the group leveraged cloud computing, particularly through Amazon Web Services, to optimise our operations, improve system resilience, and deliver features faster.

This has resulted in major efficiencies, with the savings passed on to the clients.

Following the SARB’s example

Capitec said that its new fee structure aligns with the SARB’s Vision 2025, which aims to speed up economic growth via payment systems that make digital payments safer and faster.

By making banking more affordable and transparent, Capitec said that its new fees aim to broaden financial inclusion and economic empowerment across all segments of society. 

“When more South Africans and businesses have access to affordable banking services, it creates a ripple effect throughout the economy,” said Viviers.

“Our simplified fee structure is more than just pricing – it’s about removing barriers to financial services and fostering economic growth for all South Africans.” 

Capitec was recently heavily found by the SARB’s Prudential Authority (PA).

The sanctions are due to Capitec Bank’s failure to comply with certain provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act).

For failing to comply with certain provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), the PA fined Capitec R56.25 million.

The PA conditionally suspended R10.5 million for 36 months from 30 July 2024.