A new product from Capitec is a real win for financial inclusion – as always, Electrum is proud to partner with South Africa’s favourite bank in offering this kind of innovation.

Capitec Bank is committed to ensuring that its banking processes enable their clients to live better. In the bank’s efforts to empower clients, they have recently launched a nifty new product allowing clients to send cash to friends and family instantaneously.

…collecting cash is free for the recipient…

Capitec clients can now use the Capitec App or mobile banking to make fast, convenient and secure transactions, with additional features to view their send cash transaction history and status thereof. The transaction limits to send cash are as follows: up to R3,000 per transaction, a total daily limit of R5,000 and a total monthly limit of R24,999.

While a set fee of R8.50 per transaction is charged to the sender, collecting cash is free for the recipient and can be done immediately at any Shoprite, Checkers or Usave store. The recipient simply needs to present their South African ID, along with a reference number and 4-digit secret code provided by the sender.

…Electrum is the fastest growing banking technology company in South Africa…

Wim de Bruyn, Executive of Information Technology at Capitec Bank, says, “We selected Electrum as a technology provider based on their payments software expertise, and their exceptional track record.”

Electrum is the fastest growing banking technology company in South Africa, and we’re proud to be a long-term technology provider to Capitec, South Africa’s favourite bank.

Electrum Payments

Electrum Payments

Electrum provides enterprise software that represents the next generation of payments technology. Founded in Cape Town by some of South Africa’s most experienced and innovative payments experts, we have built the top payments technology team in the region.