logo
UPDATE: Capitec settles claim after KwaDukuza coffin protest

UPDATE: Capitec settles claim after KwaDukuza coffin protest

The Citizen2 days ago
The family who made headlines last week after bringing a coffin into Capitec Bank at the KwaDukuza Mall confirmed resolution of their case.
A funeral for their loved one happened over the weekend.
The family had resorted to the coffin protest after alleging that a funeral insurance pay out delay left them with little recourse. After shocked onlookers shared the story, it went viral on social media and generated lively debate.
Capitec has since acknowledged the incident.
'We've met with the family and, following normal processes, have settled the claim,' said Gaole Bogatsu, senior account manager at Capitec.
'Capitec takes such matters seriously and remains committed to supporting our clients with dignity.'
Stay in the loop with The North Coast Courier on Facebook, X, Instagram & YouTube for the latest news.
Mobile users can join our WhatsApp Broadcast Service here, or if you're on desktop, scan the QR code below.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Top Springboks to join rugby rebel league?
Top Springboks to join rugby rebel league?

The South African

timean hour ago

  • The South African

Top Springboks to join rugby rebel league?

Where there is smoke, there is usually fire, and there increasingly seems to be more signs that a new R360 global rugby 'rebel' league is gaining traction – and even tempting Springbok stars. The 12-franchise tournament – fuelled by England World Cup winner Mike Tindall, former Bath director of rugby Stuart Hooper and the lawyer behind IPL cricket and LIV Golf – is in the pipelines, and could dramatically shake up the rugby calendar from 2026. According to Telegraph Sport , R360 has already secured around 160 men on legally binding pre-contracts, and four high-profile Springboks are reported to have already committed. Now, while it's unlikely that Springbok players in their prime would be lured to such a breakaway league, there is every chance that some veterans could be tempted by a significant payday as they perhaps heads towards a retirement age. When considering the success of T20 cricket leagues around the world, as well as how disruptive LIV Golf has been, the possibility of a rugby 'rebel league' should not be discounted. Think of a player like 33-year-old Faf de Klerk, who has begun to fall by the Springbok wayside, or even Willie le Roux (who turns 36 years old this month), and is probably in his final season with the national side. Backed by private investors, some of whom are reportedly from Saudi Arabia, the league – set to launch in September 2026 – aims to challenge the current professional rugby landscape by offering significantly higher salaries to attract the world's top players. The R360 league is still in the developmental phase, but it has generated significant discussion and concern within the rugby world, with many seeing it as a serious challenge to the sport's established structures. R360 is said to be targeting the top 300 male and female players in the world, with reports of signing bonuses and salaries exceeding £1 million (R23.8m) per season for elite players. The league has reportedly secured 'legally binding pre-contracts' with around 160 men's players, including a number of high-profile international stars and some players from rival codes like rugby league. The league is also apparently well-capitalised for its initial years, with funding from sources in the US, UK, and Saudi Arabia. Let us know by leaving a comment below, or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.

Women in Tech awards return to empower women-led innovation
Women in Tech awards return to empower women-led innovation

The Citizen

timean hour ago

  • The Citizen

Women in Tech awards return to empower women-led innovation

This year, the Innovator Trust's Women in Tech awards (WIT) celebrate the creativity and achievements of South African female-owned small, medium, and micro enterprises (SMMEs) leading the way in technology innovation. Established by Vodacom over a decade ago, the Innovator Trust has significantly contributed to the development of black-owned ICT SMMEs in South Africa. The WIT platform is one of its most impactful initiatives, dedicated to recognising and amplifying the achievements of women in technology who lead with purpose and influence. Read more: Combatting crime using technology The 2025 awards will take place on November 20 at Vodacom World in Midrand, bringing together a diverse audience of entrepreneurs, business leaders, policymakers, and next-generation innovators. The event will feature thought-provoking panel discussions, insightful keynote presentations, interactive plenary sessions, exhibitions by emerging talent in innovation, and valuable networking opportunities. It will serve as a platform for reflection, celebration, and forward-thinking dialogue. Significantly, this year marks a decade of commitment to not only providing financial support but also offering consistent mentorship, hands-on guidance, and unwavering dedication to fostering the growth of women-led innovation. Tashline Jooste, CEO of the Innovator Trust, emphasised that women-led innovation is crucial for long-term social and economic advancement. 'Research conducted by McKinsey and Company in 2020 highlights that companies with gender-diverse leadership teams are more likely to be profitable and create greater value, demonstrating that inclusion enhances business performance,' Jooste explained. 'Furthermore, a Boston Consulting Group report shows that startups founded or co-founded by women deliver significantly higher returns—over twice as much revenue per dollar invested—compared to those founded by men. The evidence is clear: investing in women yields measurable results.' This commitment to recognising the value of women in innovation is reflected in the high calibre of speakers attracted to the WIT platform. The 2025 edition honours the legacy built over the past 10 years and the leaders developed along the way while also paving the way for new ideas, meaningful progress, and a renewed commitment to creating environments where women have decision-making power and lead effectively. Further details, including the full speaker list and programme agenda, will be announced in the coming weeks. For more information, please visit the Innovator Trust website or follow the updates on the official media channels. Follow us on our Whatsapp channel, Facebook, X, Instagram, and TikTok for the latest updates and inspiration!

Sanlam merger to test TymeBank's no predatory lending promise
Sanlam merger to test TymeBank's no predatory lending promise

Daily Maverick

time2 hours ago

  • Daily Maverick

Sanlam merger to test TymeBank's no predatory lending promise

As the Competition Tribunal approval clears the way for TymeBank's acquisition of SanlamTyme JVCo and the SPL loan book, CEO Karl Westvig's commitment to fair lending faces its biggest test yet. The last time TymeBank CEO Karl Westvig spoke to Daily Maverick, he made bold promises about the digital bank's approach to loan books. 'The mission has always been to be able to profitably bank an entry-level customer… And it's not through the cross sell. It's through core banking,' he insisted. This is banking philosophy 101 from someone who clearly reads the right textbooks, but the market has a way of testing such noble intentions. TymeBank is paying R31.5-million for the 50% JVCo stake, plus approximately R400-million for half of Sanlam's loan book, plus another R320-million for a reference share entitling it to half of the credit life insurance profits from the JVCo loan book. That's a R750 million bet on an expanded lending business for a bank that has built its reputation on being different. 'These are some of the most abused people in the world,' Westvig acknowledged when previously discussing his predominantly low-income customer base. It's rare blunt honesty from a banking executive about the vulnerable position of South Africa's unbanked and underbanked population. Walking in Capitec's shadow Westvig was quick to draw a comparison with the titan of Techno Park that lords over SA's banking sector. 'Capitec fundamentally was a lending business… We've built our business as a transaction-led and savings-led bank.' It was a fair point, but also slightly disingenuous. Capitec's lending-first approach has made it one of South Africa's most profitable banks, particularly among lower-income customers. TymeBank's transaction and savings model might sound more palatable, but profitability in banking, especially when serving entry-level customers, typically requires some form of credit extension. Which brings us to the elephant in the room: this SanlamTyme acquisition is precisely about getting into lending in a bigger way. The question becomes whether TymeBank can maintain its 'fair and reasonable and competitive' lending promise while dealing with the realities of default rates and collection challenges that come with unsecured lending to financially vulnerable customers. Playing the loan game Here's the challenge: TymeBank is inheriting an existing loan book from Sanlam Personal Loans. The collection practices, interest rates, and terms of these existing loans were set by Sanlam, not TymeBank. How the digital bank handles this transition, particularly any customers who may be struggling with repayments, will be the first real test of Westvig's non-predatory commitment. The broader South African lending market is notorious for aggressive collection practices, astronomical interest rates on unsecured loans, and terms that can trap borrowers in cycles of debt. TymeBank's entry into this space, regardless of good intentions, puts it in direct competition with established players who have built profitable businesses on precisely the practices Westvig claims to oppose. What this means for you Expect TymeBank to launch more personal loan options soon, but without the exploitative hooks. If you've been excluded from formal credit before, this deal could open the door. For South Africans tired of tiered fees and opaque charges, TymeBank just got a lot more powerful. The numbers will tell the story The transaction's longstop date is 31 March 2026, with Sanlam planning to reinvest the proceeds into its broader growth strategy. That gives TymeBank roughly 18 months to prove that its approach can work at scale in the lending business. The success of this venture will ultimately be measured not by Westvig's well-intentioned statements about financial inclusion and fair lending, but by TymeBank's loan loss provisions, default rates and, most importantly, customer complaints about collection practices in the quarters ahead. If TymeBank can indeed provide competitive, fair lending to South Africa's underbanked population while maintaining profitability, it would represent a genuine breakthrough in financial inclusion. But the graveyard of financial services is littered with good intentions that couldn't survive market realities. DM

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store