Latest news with #CapitecBank
The Citizen
5 days ago
- Business
- The Citizen
UPDATE: Capitec settles claim after KwaDukuza coffin protest
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.
Finextra
6 days ago
- Business
- Finextra
Capitec Bank and Mama Money partner for remittances
Capitec Bank, South Africa's largest bank with over 24 million clients, has partnered with leading remittance fintech Mama Money to dramatically reduce the cost and simplify sending money across borders for the country's 2.4 million migrants. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The partnership addresses a critical need in South Africa's financial ecosystem, where migrants from Kenya, Lesotho, Malawi, Mozambique, Uganda, Zambia and Zimbabwe have historically faced high fees and complex processes when sending money home to support their families. With women comprising over one million of South Africa's migrant population, this partnership will transform how families across the region access financial services. Migrants regularly send billions in remittances across Africa, with traditional banks often charging prohibitive fees that eat into money desperately needed by families. Traditional bank transfers often cost 8-12% in fees, while Mama Money via Capitec starts from as low as 5%, with processing taking minutes instead of days. Capitec customers can now access Mama Money's remittance platform directly through their mobile banking app, using the Universal Mama Money Token. Recipients receive a 12-digit token via SMS, allowing them to collect cash from partner locations, including banks and agents across 70+ countries – no bank account required. "Mama Money and Capitec share the same principles about low-cost financial services to impact customers' lives positively. It's about more than convenience – it's about dignity and fairness for people who work hard to support their families," said Mathieu Coquillon, co-founder of Mama Money. "When someone earning minimum wage has to pay R150 in fees to send R1,000 home, that's money taken directly from a family's food budget." The collaboration combines Capitec's massive customer base and digital infrastructure with Mama Money's decade of experience in facilitating millions of cross-border transactions across Africa, Asia and Europe. Francois Viviers, Group Executive of Marketing and Communications at Capitec, says the solution was born from a deep understanding of the challenges millions of people living and working in South Africa face. 'We live on a connected continent, where the age-old tradition of supporting family and community is a fundamental part of our culture. Yet, sending money across borders has been expensive, complicated and stressful for millions. We see an opportunity to apply our 'simple, affordable and transparent' banking ethos to this problem. Our clients work hard for their money, and they deserve a solution that safely and affordably delivers more of that money to where it's meant to go.' The service is now available through Capitec's mobile app with transparent pricing, completion within minutes, and full regulatory compliance.
Finextra
6 days ago
- Business
- Finextra
Capitec Bank and Mama Money partner for reimttances
Capitec Bank, South Africa's largest bank with over 24 million clients, has partnered with leading remittance fintech Mama Money to dramatically reduce the cost and simplify sending money across borders for the country's 2.4 million migrants. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The partnership addresses a critical need in South Africa's financial ecosystem, where migrants from Kenya, Lesotho, Malawi, Mozambique, Uganda, Zambia and Zimbabwe have historically faced high fees and complex processes when sending money home to support their families. With women comprising over one million of South Africa's migrant population, this partnership will transform how families across the region access financial services. Migrants regularly send billions in remittances across Africa, with traditional banks often charging prohibitive fees that eat into money desperately needed by families. Traditional bank transfers often cost 8-12% in fees, while Mama Money via Capitec starts from as low as 5%, with processing taking minutes instead of days. Capitec customers can now access Mama Money's remittance platform directly through their mobile banking app, using the Universal Mama Money Token. Recipients receive a 12-digit token via SMS, allowing them to collect cash from partner locations, including banks and agents across 70+ countries – no bank account required. "Mama Money and Capitec share the same principles about low-cost financial services to impact customers' lives positively. It's about more than convenience – it's about dignity and fairness for people who work hard to support their families," said Mathieu Coquillon, co-founder of Mama Money. "When someone earning minimum wage has to pay R150 in fees to send R1,000 home, that's money taken directly from a family's food budget." The collaboration combines Capitec's massive customer base and digital infrastructure with Mama Money's decade of experience in facilitating millions of cross-border transactions across Africa, Asia and Europe. Francois Viviers, Group Executive of Marketing and Communications at Capitec, says the solution was born from a deep understanding of the challenges millions of people living and working in South Africa face. 'We live on a connected continent, where the age-old tradition of supporting family and community is a fundamental part of our culture. Yet, sending money across borders has been expensive, complicated and stressful for millions. We see an opportunity to apply our 'simple, affordable and transparent' banking ethos to this problem. Our clients work hard for their money, and they deserve a solution that safely and affordably delivers more of that money to where it's meant to go.' The service is now available through Capitec's mobile app with transparent pricing, completion within minutes, and full regulatory compliance.
The Citizen
30-07-2025
- Business
- The Citizen
Family carries coffin into KZN bank to protest delayed funeral payout
A grieving family brought a dead body in a coffin into Capitec Bank at KwaDukuza Mall on Tuesday in protest over an alleged funeral insurance payout delay. North Coast Courier reports that, according to the family, they filed the claim last Wednesday and were initially told payment would be processed within 48 hours. They were later informed funds would only be available by August 22, nearly a month later. Feeling helpless, the family made the drastic decision to take the deceased to the bank to highlight the emotional and financial burden caused by the delay. The incident shocked shoppers and staff, drawing concern and sympathy from onlookers. A 43-year-old woman, sister of the 25-year-old deceased, expressed deep disappointment in the bank. 'We have to bury my sister this Saturday. Since they say they will only pay on the 22nd of next month, we brought her body to prove she has passed. I am worried because my whole family is insured with this bank.' This is not the first time such an incident has occurred in KwaDukuza. In 2019, a family from Madundube took a body to an Old Mutual branch under similar circumstances. Old Mutual said the claim had already been processed but acknowledged delays and apologised. KwaDukuza Mall management distanced itself from the matter. 'This was a private dispute between the family and Capitec Bank, which is an independent tenant operating within the mall premises,' said mall manager Siyabonga Tembe. Capitec Bank had not responded to requests for comment at the time of publishing. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal. Read original story on
The Citizen
30-07-2025
- Business
- The Citizen
Family carries coffin into KwaDukuza bank to protest delayed funeral payout
A grieving family brought a dead body in a coffin into Capitec Bank at KwaDukuza Mall on Tuesday in protest over an alleged funeral insurance payout delay. According to the family, they filed the claim last Wednesday and were initially told payment would be processed within 48 hours. They were later informed funds would only be available by August 22, nearly a month later. Feeling helpless, the family made the drastic decision to take the deceased to the bank to highlight the emotional and financial burden caused by the delay. The incident shocked shoppers and staff, drawing concern and sympathy from onlookers. A 43-year-old woman, sister of the 25-year-old deceased, expressed deep disappointment in the bank. 'We have to bury my sister this Saturday. Since they say they will only pay on the 22nd of next month, we brought her body to prove she has passed. I am worried because my whole family is insured with this bank.' This is not the first time such an incident has occurred in KwaDukuza. In 2019, a family from Madundube brought a body to an Old Mutual branch under similar circumstances. Old Mutual said the claim had already been processed but acknowledged delays and apologised. KwaDukuza Mall management distanced itself from the matter. 'This was a private dispute between the family and Capitec Bank, which is an independent tenant operating within the mall premises,' said mall manager Siyabonga Tembe. As of publication, Capitec Bank had not responded to requests for comment. 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.
