African Bank to take on Capitec
Account poised for 2019 launch will have the country’s cheapest fees
African Bank says it is going to offer the lowest-cost transactional bank account in SA and anticipates that it will dislodge Capitec’s position as the cheapest bank while also promising one of the best digital offerings in the market. "We have done an analysis of the different banks’ fee structures and we are confident that we have the best value proposition," said African Bank group CEO Basani Maluleke during the presentation of the bank’s financial results for the year ended in September. Capitec charges only R5.80 for its monthly administration fee for its Global One debit card and R35 a month for the credit card. Cash withdrawals are R1.61 at major supermarkets and R6.56 at Capitec ATMs, and that fee is fixed regardless of the amount withdrawn. Earlier in 2018, Publisher Audience Measure Survey data showed that Capitec had become SA's largest bank in terms of the number of customers who used it as their main bank. The bank had 10.5-million customers at the end of June.