Capitec has announced a new partnership that will interest any of its users wanting to invest. To that end, local investment platform EasyEquities has been integrated into the Capitec mobile app, opening up opportunities for users to invest in shares both in South Africa and in the United States.
“The partnership brings our clients greater accessibility to a variety of investment options, in an affordable and simplified way. We currently have over 4 million app clients, who will now not only be able to invest in top South Africa companies but also those based in the USA, a unique feature not offered by traditional brokers,” explains Francois Viviers, executive of marketing and communications at Capitec.
“EasyEquities is a qualified intermediary with the IRS, which simplifies opening a US investment account and lowers the cost of trading US shares. Our EasyFX feature allows Rands to be converted to Dollars within the platform and then used for the purchase of US shares,” adds Charles Savage, CEO of EasyEquities.
The financial institution adds that clients will receive a 20 percent discount on brokerage fees, when using the new widget and pay zero data costs when accessing it, with Capitec noting that it has been zero-rated for data usage.
Capitec and EasyEquities are hoping that this partnership will encourage more people to invest and save their earnings, especially as South Africa has a low gross savings rate, measured at just 15.4 percent in March 2020, according to research firm CEIC.
“By giving South Africans easy access to investing we can help shift investment behaviour in the right direction. EasyEquities is perfect for first time investors as it offers a demo account, which can be used to familiarise yourself with the markets you are interested in, before investing actual money,” Viviers concluded.
Capitec says interested clients can access EasyEquities from the latest version of the banking app by clicking the ‘explore’ tab and heading to ‘widgets’. Existing EasyEquities clients can sign in and link their accounts too, with new needing to follow the registration process to start investing.[Image – Photo by Sigmund on Unsplash]