Francois Viviers, group executive: marketing and communications at Capitec, says the campaign responds directly to South African Reserve Bank Research, which highlights that while bank account ownership is high at 91%, a concerning 33% of account holders use their accounts merely as ‘mailboxes,’ withdrawing all funds immediately upon deposit.
“Our client feedback reveals that for too long, high banking costs and complex fee structures have acted as a hidden tax on financial participation. This issue extends beyond fees to essential services like insurance, data, and airtime, eroding South Africans’ trust in these various sectors. When South Africans cannot easily understand or predict the cost of a transaction, they often don't fully grasp the value they are receiving either.”
Banking becomes as easy as 1, 2, 3, 6, 10
In response to the country’s need for clarity and reaffirming its founding principles, Capitec consolidated over 30 distinct transaction fees into straightforward price points. This new model is built around five price points, making daily banking costs predictable:
- R1 for payments to other Capitec clients
- R2 for payments to other banks
- R3 for debit orders
- R6 for real-time immediate payments to any bank in SA
- R10 for cash withdrawals at any bank's ATM (per R1000 or part thereof)
The bank launched a nationwide campaign on 14 April across television and radio platforms to bring this message of simplicity and clarity to life.
"We are driven by the purpose of making a meaningful difference, and we wanted to strip banking back to its essentials so our clients know what they pay for. This campaign reinforces the fundamentals of simplicity, transparency, and affordability that Capitec is known for. By casting our own employees' children, we deliver the message effectively and celebrate our Capitec community, their families, and the trust they place in our brand," adds Viviers.
