Capitec Bank has introduced a new cross-border money transfer service aimed at helping millions of people in South Africa send money to their families and loved ones in other African countries. The bank says the initiative is part of its commitment to making banking simple, affordable, and transparent for its customers.
Speaking on the launch, Capitec Group Executive for Marketing and Communications, Francois Viviers, said the solution was designed after carefully studying the financial challenges that many people face when sending money across African borders. According to him, the process has often been expensive, slow, and full of complications, especially for low-income earners.
Viviers explained that on the African continent, the tradition of supporting family members and communities is strong. He noted that people working in South Africa often have responsibilities that go beyond national borders, with many of them regularly sending part of their earnings to their home countries. However, the process has not always been easy or fair.
“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,” Viviers said.
He stressed that Capitec is stepping in to solve this problem using the same approach that has helped it grow into one of South Africa’s biggest banks—keeping services simple, affordable, and easy to understand. “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,” he added.
The new service is now available through Capitec’s mobile app. Customers can transfer money to selected African countries with just a few taps on their smartphones. Capitec says the process is quick and can be completed in a matter of minutes, depending on the receiving country’s banking systems.
Transparency is also a key part of the service. According to Capitec, there are no hidden fees. Users will know exactly how much they’re paying and how much their loved ones will receive. The service also complies with all financial regulations, ensuring the safety of users’ funds.
This new feature is expected to make life easier for many people in South Africa, particularly migrant workers and immigrants who often struggle to find trustworthy and affordable options for sending money home.
Over the years, Capitec has built a strong reputation for using technology to simplify banking in South Africa. From digital account openings to low-cost banking, the bank has focused on reaching ordinary people who were previously excluded from formal financial systems.
The launch of the cross-border money transfer service is seen as another major step in helping more Africans participate in digital financial services. It could also give Capitec an edge in the competitive banking industry, where mobile banking and cross-border transfers are becoming increasingly important.
South Africa is home to millions of people from neighbouring countries such as Zimbabwe, Mozambique, Malawi, Zambia, and others who send money home regularly. Many of them have long complained about the high cost and delays involved in using traditional remittance services or informal channels.
With Capitec’s new offer, they may now have a more reliable and cost-effective alternative. The bank hopes this service will bring convenience and peace of mind to clients who send money to family and friends back home.
Industry watchers say the move could push other South African banks to follow suit by improving their digital financial offerings. It may also support wider efforts to integrate African economies by improving access to cross-border financial services.
