The fourth largest bank in South Africa by market share, Capitec, has joined the mobile banking app revolution.
As with competitor’s apps, users will need to be registered for internet banking with Capitec to use the app. This requires you to go into a Capitec branch with your cellphone and Global One card. If you are already registered for internet banking you just need to log in with you current credentials, download the app and follow the setup process.
Once the registration is complete your banking profile is linked to your smartphone and not to the SIM card inside it, meaning that if you get a new phone for any reason, you will have to go into a Capitec branch to re-register for the service.
It’s a process that seems to have several of the app reviewers and Capitec clients frustrated at the lack of simplicity in signing up for it but according to Capitec, this is no different to needing to go into a branch to change your cellphone number. It also adds an extra layer of protection that mitigates the risk of SIM cloning.
“We realise that some clients might see the activation process as tedious and frustrating, but with the increasing amount of banking fraud, our approach was to rather create an application which is secure in order to protect our clients from becoming targets for fraudulent activity,” explained Charl Nel, Capitec’s head of strategic communication.
The new Capitec app replaces the authentication app released by the bank last year with that functionality having been absorbed into the new app along with the ability to view account balances, pay beneficiaries, and transfer money between accounts.[Image – Capitec]