Capitec Bank is strategically positioning itself to cater to South Africa’s informal SME market, recognizing its substantial potential to double the size of the formal SME sector, which currently comprises 2.5 million SMEs, with only 750 000 formalized and banked. With a focus on transparency and affordability, Capitec aims to provide accessible banking solutions, including digital payment facilities and funding opportunities to fuel business expansion. Furthermore, Capitec Business has recently launched new pricing structures, effective from 01 March 2024. These changes include slashing fees by up to 50% and introducing a simplified fee structure, featuring free virtual cards, reduced transaction fees and a fixed monthly fee of R50. CEO Gerrie Fourie emphasizes the bank’s commitment to supporting SME growth amidst economic challenges, prioritizing transparent and affordable banking solutions to promote financial inclusion and stimulate entrepreneurial endeavours.
