Capitec will officially launch its new ‘access facility’ in the coming months, changing how its customers access and apply for loans.
In an interview with BusinessTech, Capitec chief executive officer Gerrie Fourie said that while the launch of the facility is dependent on the coronavirus lockdown, it was originally scheduled to release in May.
The new facility forms part of the bank’s move away from the short-term loans market (3-6 months) and the facility will instead offer clients revolving credit of up to R250,000 with interest rates linked to prime.
Fourie explained that this loan is effectively granted to clients forever, provided that they continue to perform and pay up any outstanding debts.
He added that it currently costs Capitec R10 a minute to run its branches, so the new facility will also stop clients from continuously coming in to re-apply for loans or agreements as the facility can be accessed via the banking app and clients can choose the payment terms that suit them best.
Fourie said that clients will only pay the monthly administration fee and interest in months when they utilise the facility. They will also be able to use the facility towards specific purposes, such as education, he said.
No more cashiers
Fourie also confirmed that the bank was currently phasing out cashiers, with an automated system across all of its branches.
He noted that this shift has already happened at 300 branches with cashiers being shifted to more customer-facing roles so that they may assist clients more directly.
“What does a cashier do? If you give them R1,000 to deposit then that person puts it into a dropbox which a machine then counts. It is not a very challenging job.
“Rather we are taking that cashier and having them help clients with service-related queries directly.”
While Fourie did not provide a specific time frame for this transition, he noted that it forms part of a continued digitisation push at Capitec.
Read: Here’s how Capitec’s coronavirus payment breaks work: CEO