Capitec — Fast Rising Financial Provider
Overview
Microfinance offers another platform for private-public collaboration, and for interventions by private solidarity institutions such as non-profit organisations.Through such arrangements, poor people can gain new choices and a chance to increase their wealth. Small and medium sized enterprises can also build up their infrastructure and capacities. Private businesses profit from access to new markets and not least, the boom to their reputations that comes with offering services that have a positive social impact. One financial institution playing such a critical role is Capitec.
Established in 2001, Capitec bank is a commercial bank in South Africa, locally controlled and licensed by the Reserve Bank of South Africa. The bank operates as a retail bank that serves both individuals and businesses, but does not provide business banking for close corporations, companies, partnerships or trusts. Capitec has committed itself to simplifying the banking experience. Capitecs product offering can be divided into Global One, Money Management and Business Services.
Global one allows you to transact, save and have access to credit plans.The transaction/savings account is your main account (R25 minimum balance,R5 monthly admin fee) that gives you affordable banking and up to 4 extra flexible, fixed or tax free savings plans. Some of the benefits of the transaction/savings account include earning from 4.5% interest per year on daily balances, easiest transactions at lower and transparent bank costs and there is also easy access to your money using your global one card and remote banking.
Money management allows you to access home loans. The two key factors in your loan repayment are how much you borrow and the repayment term. Generally you are required to pay back the home loan, plus interest over a set period of time, most commonly 20 to 30 years. The interest on your bond is based on the current prime interest rate determined by the South African Reserve Bank (SARB).Your instalments will change according to how the interest rate increases or decreases.
Business services are offered for customers and employees. This is done through card machines, salary transfers, workplace banking and financial skills. Card machines are available as mobile or desktop units and they are a point of sale payment solution for businesses. Salary transfers are achieved through a staff payment solution that will save you money and allow you to keep your existing business accounts. Workplace banking is offered through a mobibank that allows workers to transact during working hours. The free financial life skills programme helps your employees to take control of their money and make better financial decisions.
To access any of the Capitec services, contact can be made on 0860102043
