When looking at what new banks on the block such as Discovery Bank or TymeBank were offering it was important to look at the total package, said Capitec CEO Gerrie Fourie, by JustinBrownSA
On the topic of Discovery, which unveiled a little more detail on what it will offer late last month, Fourie said: “You need to look at the total offering. They say they are going to come in at 5% [on transactional account balances] but if you look at their monthly fees on three tiers … they are completely different from our rate. We still haven’t seen the full pricing of their products. I can’t comment at this stage – we’ll have to wait and see.
“We are sitting with 5.2 million clients that are on digital … Then there are 6.6 million clients – the average for the past six months – that are still coming into our branches. A big portion of our clients are still coming into our branches. About 3.5 million digital clients have come into the branch. It shows you that there is still a big need for a branch.
In November last year Capitec agreed to buy Mercantile Bank from Caixa Geral de Depósitos for R3.2 billion as part its move into business banking.
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