Capitec Bank is Paving the Way for Banking Innovation


People tend to think that all banks are created equal. While some banks might offer certain products and services that may be more appealing than their competitor’s offerings, one could easily think that there is essentially not much of a difference between the various banking institutions.

That is, until the comparatively recent emergence of Capitec Bank on the South African banking scene. 

Capitec Bank– while definitely a “David” in comparison to the “Goliath” that is the 4 big South African banks– is an industry pioneer, inspiring a new way of banking.

These are just some of the ways in which Capitec Bank is bringing some much-needed innovation into the South African banking industry. 

A New Way to Bank

Capitec Bank prides itself on simplifying the entire banking process. This can clearly be seen in the language that the bank uses to communicate to its customers and the public in general.

Avoiding the use of complicated industry jargon, Capitec Bank talks to its customers in a way that they can understand, making it easy to know exactly what you’re getting when you join the Capitec Bank family.

When opening an account with Capitec Bank, you won’t need to fill out endless forms either.

In fact the entire process of opening an account with Capitec Bank can be completed within a few short minutes.

Simplifying Costs

Looking over its fee structure further shows how Capitec Bank is simplifying the entire banking process.

Other banks’ fees structures are overly complicated and often extremely difficult to understand.

Capitec Bank on the other hand, explains exactly what you’ll be charged for performing specific transactions. And they do this in plain language and in a way that you can understand.

Furthermore, Capitec Bank charges customers a mere R4.50 per month to maintain a Global One Account (the bank’s flagship product) and offers interest rates unrivalled by any of the other banks in the country.

Capitec Bank’s Innovative Campaigns

Over and above the product and service innovation that the bank is bringing to the table, Capitec Bank also uses clever campaigns to innovate the way we think about banking and use money in general.

At last year’s Rocking the Daisies festival, Capitec Bank launched the SwapShop.

The SwapShop is a space where people could go and trade their used goods for someone else’s stuff.

This was a great campaign to get people to recycle their old stuff, think about alternative ways of engaging in commerce and inspire saving.

More recently, Capitec Bank launched the #AskWhy campaign, which urges South African consumers to question their banks (and the banking industry in general) about anything and everything related to their banking experience.

People can tweet their questions using #AskWhy or ask their questions directly on the AskWhy website.

This campaign is great in that it inspires each and every one of us not to take things simply as they are but rather to question the industry and its institutions.

Real and positive change can only come about when questioning the status quo.

Capitec Bank’s Innovative Products

The bank also has a number of innovative products and services that help to simplify the entire banking process. The bank’s online banking portal is one such innovation.

Capitec Bank’s Internet banking website has a simple layout, is easy to navigate and once again uses simple language that the average Joe and Jane in the streets can easily comprehend.

Another exciting service launched by Capitec Bank, is the ATM cash recycler.

Unlike traditional ATMs, the cash recycler accepts and dispenses coins as well as notes. The cash recycler is currently only available at one location (in Stellenbosch) but it’s still in its early development phase.

Based on the success of the pilot phase of this revolutionary ATM, Capitec Bank intends to release more cash recyclers in more locations.


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  • Looking forward to Capitec’s plans for a mobile app. Still, this is the most pioneering bank in South Africa. Their business model and financial product simplicity wins them the most favoured bank in my personal score card!