Capitec takes over mobile

Capitec Connect, Capitec's mobile virtual network operator, now boasts 1.6 million users, establishing it as the largest mobile virtual network operator in the country. This represents a significant 74% increase compared to February of the previous year. In the last fiscal year, Capitec earned a net income of R193 million from Capitec Connect, marking a 450% year-on-year growth. The majority of its revenue came after introducing affordable expiring data bundles, which include options from WhatsApp data to streaming and large data bundles.

Investec private clients can now manage their funds in multiple currencies

Investec's private clients can now manage their funds in three additional major currencies: Dollars, Euros, and Pounds, using the same account. This is a groundbreaking initiative by Investec to simplify international transactions for clients, especially those who travel frequently. The aim is also to minimize regulatory, administrative, and cost burdens. According to the head of Investec's private bank, clients will not face any forex fees when opening additional currency pockets, as these pockets are prefunded. Furthermore, clients can fund their currency pockets instantly and reduce exposure to forex volatilities. FNB has reported stokvel deposits to have reached R13.3 billion

FNB has announced a 66% rise in stokvel deposits, with an R8 billion year-on-year increase by December 2024. This is a positive development, as it shows more South Africans are embracing collective saving through digital banking, potentially a step in the right direction. Furthermore, FNB reported a 34% increase in stokvel account members by the end of 31 December 2024, highlighting the appeal of digitally managing savings, which has demonstrated impressive discipline among members. FNB noted that its customers saved approximately R168 million in cash withdrawal fees and received R253 million, totaling over R421 million in savings for customers. This suggests that reducing paperwork and streamlining processes can help prospects become clients and that brand loyalty is slightly easier to achieve as more of FNB's stokvel clients spend less time on paperwork and more time planning how to save and utilize their money. Ads for the week Purchase a year planner from Khoulebali Designs and receive a 5% discount by using the promo code: COINS5. Click on the link below to visit the store: https://www.etsy.com/shop/KhoulebaliDesigns?ref=l2-about-shopname&from_page=listing

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