Capitec moves into insurance market
Meanwhile, international short-selling outfit Viceroy Research sends a new list of questions for Capitec’s audit committee
Capitec, the lender that indelibly disrupted SA’s banking sector, entered the insurance market with the launch of Capitec Insure on Monday. It will dip its toes in the water with a funeral plan underwritten by Sanlam-owned Centriq Life Insurance Company. "We know what our banking clients are paying to other providers and we are coming in well below the competition with more cover," Francois Viviers, executive of marketing and communications at Capitec, told Business Day on Monday. The vast majority of the bank’s clients had funeral policies with other providers. It would target these customers initially before launching marketing campaigns, Viviers said. Capitec, which obtained its banking licence in 2001, now boasts nearly 10-million customers. About 46% of these are primary banking clients, who not only have loans with the bank but make regular deposits into their Capitec accounts, mainly salaries. It now has 289,000 active credit cards in issue, launching that product at the begi...