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Capitec Bank makes sending cash to friends and family even easier

July 1, 2019

Electrum Payments

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 its clients to live better. In the bank's efforts to empower clients, it has 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
  • 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. 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 provides transaction processing solutions to banks, retailers, and MNOs, helping them to find better ways to transact. As a vibrant and innovative SaaS company, we deliver industry-leading expertise and technology to solve real problems every day.

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