{"id":389363,"date":"2020-04-14T09:38:04","date_gmt":"2020-04-14T07:38:04","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=389363"},"modified":"2020-04-14T09:38:04","modified_gmt":"2020-04-14T07:38:04","slug":"heres-how-capitecs-coronavirus-payment-breaks-work-ceo","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/389363\/heres-how-capitecs-coronavirus-payment-breaks-work-ceo\/","title":{"rendered":"Here&#8217;s how Capitec&#8217;s coronavirus payment breaks work: CEO"},"content":{"rendered":"<p>Capitec does not charge any fees on interest rates and there are multiple options available to clients who are looking at a payment break due to the impact of the coronavirus, says Capitec chief executive officer Gerrie Fourie.<\/p>\n<p>Speaking in a <strong><a href=\"https:\/\/www.capitecbank.co.za\/investor-relations\/financial-results\/\" target=\"_blank\" rel=\"noopener noreferrer\">shareholder briefing<\/a><\/strong> on Tuesday (14 April), Fourie said that there are two main options available to clients who are looking for a payment break.<\/p>\n<p>&#8220;(You) can either extend the term and pay the interest at the end, or you can increase your instalments after the payment break is completed and then catch-up with the three-month break.<\/p>\n<p>&#8220;On any treatments, we don&#8217;t ask for any additional costs except for the interest costs,&#8221; he said.<\/p>\n<p>Fourie added that around a third of Mercantile Bank&#8217;s customers have opted to take a payment break, while around 80,000 of the 1.2 million eligible Capitec clients have opted to take a break or ask for rescheduling in the first 10 days.<\/p>\n<p>In its annual results for the year ending 29 February 2020, Capitec said that the Covid-19 pandemic will have a massive impact on South Africa\u2019s economy.<\/p>\n<p>\u201cThe severity of the impact on the economy will depend on the length of the national lockdown. We are working together with the South African Reserve Bank and other stakeholders in an attempt to minimise the financial impact on our clients and employees,&#8221; it said.<\/p>\n<p>\u201cWe continually review the financial position of our credit clients on an individual basis and implement the necessary remedies where possible to assist clients with their cash flow during this difficult period. Executive management monitors the national crisis and adapts our response on a daily basis.\u201d<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/banking\/389313\/capitec-is-adding-over-200000-clients-a-month-as-it-continues-to-show-strong-growth\/\" target=\"_blank\" rel=\"noopener noreferrer\">Capitec is adding over 200,000 clients a month as it continues to show strong growth<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Capitec does not charge any fees on interest rates and there are multiple options available to clients who are looking at a payment break due to the impact of the coronavirus, says Capitec chief executive officer Gerrie Fourie.<\/p>\n","protected":false},"author":10,"featured_media":320757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[1798,26],"class_list":["post-389363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-capitec","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/389363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=389363"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/389363\/revisions"}],"predecessor-version":[{"id":389379,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/389363\/revisions\/389379"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/320757"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=389363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=389363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=389363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}