Good news for people with Capitec banking accounts
Capitec has introduced several initiatives to benefit its banking clients, including in-branch Smart ID services, as well as good news on fees.
Capitec is South Africa’s largest bank by customer numbers. This year, it surpassed 25 million clients.
This means that over half of South Africa’s adult population now carries a Capitec card, including 12 million youth clients.
It is also one of South Africa’s most valuable banks, with a market cap of nearly R500 billion. This is driven by many technological innovations.
Many analysts noted that Capitec operates more like a technology company than a bank, which has led to a higher valuation than its traditional peers.
Capitec co-founder Riaan Stassen explained that building Capitec’s systems from the ground up saved them money and gave them simplicity.
Having simpler systems that cost significantly less to operate allowed Capitec to offer customers better prices and remain profitable.
Grant Nader from Benguela Global Fund Managers said Capitec has created a platform rather than a bank, which allows it to continually offer new services.
“The way Capitec’s management sees the business they have created is very different from traditional banks. The other banks are now trying to play catch-up,” he said.
Capitec’s excellent technology stack, simple business model, and consistent innovation have helped it to serve its customers better.
All Capitec’s data resides in the cloud, which gives it more flexibility and allows it to offer services faster.
Its mobile virtual network operator (MVNO), called Capitec Connect, is growing rapidly and enhancing its offering to clients.
No increase in banking fees, and more branches and ATMs
Good news for Capitec banking clients is that the company did not follow many other banks which increased their fees in 2026.
Capitec’s new banking fees, which kicked in on 1 March 2026, remained virtually unchanged from last year.
In real terms, taking inflation into account, it means that Capitec’s banking clients will pay less than what they did a year ago.
Capitec also introduced an entrepreneur account, designed specifically around the needs of small and informal business owners.
The account has no monthly fees for qualifying personal banking clients and allows card payments via a linked Capitec card machine with low commission.
The account also gives entrepreneurs access to capital, with credit facilities of up to R500,000 based on business turnover to support growth.
Another thing which makes Capitec stand out is that it is expanding its services and networks across South Africa.
Most other large South African banks are downsizing branches, scaling back on ATMs, or going cashless.
However, Capitec is planning a net increase in both branch footprint and ATM network in 2026. This will make it easier for customers to get cash or visit a branch.
Capitec makes it easy to get a Smart ID
Earlier this year, Capitec launched a partnership with the Department of Home Affairs (DHA) to provide clients with a quick and convenient Smart ID application service.
Last month, Capitec expanded its Smart ID service by introducing self-service terminals to over 30 branches.
These self-service terminals make it easier for South Africans to apply for their Smart ID cards while doing their everyday banking.
Clients can submit their details digitally through a secure, paperless process that takes just five minutes to complete.
Capitec’s newly developed proprietary digital integration, built on Amazon Web Services, connects dedicated in-branch SSTs directly to DHA systems.
This allows Capitec to scale the service quickly with strong stability and lower operational costs.
The terminals are centrally managed, so new features and critical security updates can be deployed rapidly.
Better security and better rewards
Over the last few months, Capitec has launched numerous improvements to its rewards programme and banking security.
Capitec’s Live Better free rewards programme gives its banking clients cash back, with discounts and deals from numerous retailers.
Clients can get 15% instant discount on more than 140 brands at Dis-Chem and get cash back when supporting Cashbuild and Tiger Wheel & Tyre.
The bank also has numerous discount partners, offering up to 50% when supporting one of the companies on the Capitec platform.
It has also invested heavily in security. “We’ve built multiple layers of protection into our app so you can bank with confidence knowing your money is safe,” Capitec said.
The Capitec app supports biometric login, such as fingerprint or facial recognition, on compatible devices.
“It’s a quick, secure way to keep your account safe without needing to type in your PIN every time,” it explained.
The bank also allows users to lock features they don’t use and offers in-app call verification to address suspicious calls.
Capitec is also the first bank in South Africa to use real-time payment tracking to stop fraud before it happens.
“By recording and analysing every payment instantly, we detect suspicious activity and block payments to high-risk accounts before your money leaves your account,” it said.
“When we flag a payment, you’ll be prompted to complete a quick security screening to assess the risk. You can then choose to cancel or continue with the payment.”
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