South Africa has developed a well-regulated banking system that compares favourably with many industrialised countries. Over the past 20 years,the sector has transformed through consolidation, technology and legislation. The introduction of the Banks Act (94 of 1990) led to an industry growth spurt with a number of new banking licences being issued.One of the banks thriving in this sector is Capitec bank.
The bank operates as a retail bank that serves both individuals and businesses. This bank maintains over 500 retail branches nationwide and has over 3.7 million customers. In order to satisfy this growing clientele, Capitec introduced global one. Global one is a multipurpose card that allows clients to transact, save and obtain credit.
Users of this card can transact anywhere and anytime with zero purchase fees and it provides access to easy simplified banking. Clients can also save and earn between 4.4 to 9% interest per year, there is also no monthly admin fee or minimum balance and you can choose your deposit amount and the frequency of your deposits. With Global one, you can also get personal loan of up to R200,000 with repayment period of over 84 months and it comes with free retrenchment and death cover.There is also personalised home loan based on one’s credit profile but amounts offered go up to R5 million with 240 months of repayment period.
Capitec bank can be contacted on 0860102043.