Circle City Info

Capitec is ‘switching off’ its old banking app

Financial service firm Capitec has notified customers that it will ‘switch off’ its old app at the end of the month – 30 April 2021.

“We’re switching off our old app on 30 April,” the lender said. “Don’t worry, our new Capitec Bank app has everything you love and more. You don’t have to visit a branch to get it, so download our new app today for a better experience.”

Capitec launched its ‘new’ app at the end of 2019, opting to build an entirely new platform for its app-based mobile banking, rather than try to update its existing one.

As rationale for the move, the bank said in 2020 that its prior banking app did not have ‘native functionality’ – the capability to incorporate new and evolving features, like biometrics and types of data tracking.

The newer platform was designed to be “plug-and-play” for new technologies which may be developed. The new app also introduced personalisation and customisation tools.

To distinguish the new app from the prior one in app stores, the bank has added ‘new’ to the icons. The new app simply called Capitec Bank, versus Capitec Remote Banking before.

The Remote Banking App was launched in 2014.

The switch off comes as the group further develops the new app’s functionality, having recently launched the ability to open an account and join Capitec through the mobile app.

This can be done by simply taking a selfie and scanning your ID documentation. The platform uses Home Affairs data to confirm the personal information, with clients also required to fill out the necessary FICA information.

Capitec describes itself as the biggest digital bank in the country, boasting an increase in digital adoption by its clients of 28% over the past year, with digital clients climbing to over 8.6 million.

In its annual period up to end February 2021, the group reported a 35% increase in the number of digital transactions to 1.1 billion.  

Clients performed 526 million banking app transactions (2020: 327 million) and 536 million USSD transactions (2020: 454 million) during the 2021 financial year, it said.

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