Business News: Capitec Bank Rewards over R160 Million to Customers
- Capitec Bank is set to pay their clients R160 million for honouring their loan repayments
- Capitec CEO Gerrie Fourie said that this to thank their customers for paying back their loans during the Covid-19 pandemic
- Coronavirus has affected the economy badly with a number of people losing their jobs due to the economy
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The Covid-19 pandemic has hit Mzansi hard and Capitec Bank has decided to refund thousands of their customers as part of a means to provide relief. Over 80 000 loyal customers should be receiving a total of R160 million in interest refunds.
The pandemic has been difficult for many South Africans with some losing their jobs due to the poor state of the economy because of the lockdown. Capitec Bank has decided to make things a little easier for their clients.
According to a statement released by the bank, the decision was made so that customers could be more settled during the Covid-19 pandemic.
Capitec CEO Gerrie Fourie said that they want to help their clients as much as possible during this time. This is why they waived the interest for the relief period for clients who met the qualifying criteria.
Source: Getty Images
In order for a customer to qualify for the interest refund, clients had to pay back their loan instalments on time.
After honouring the loan repayment instalments for a period of six months, a refund equal to 50% of the interest charged on the loan in three months would be paid back into the client's loan account.
For this month alone, R60 million is being refunded to clients, almost 40 000 of who who honoured their loan repayments on time.
“This is also our way of rewarding our clients for meeting their loan repayments and showing good financial behaviour during a tough time," said Fourie.
In other business news, Briefly.co.za reported that a Mzansi man opened an internet café inside a shack and received many praises. A local man from Soshanguve, Pretoria with the Twitter handle @justicemahole3 recently decided to take a leap forward and start his internet provider business - an internet café.
Taking to Twitter, @KasiEconomy shared the news, also looking for people to support the young man.
"This young man from Soshanguve, Pretoria opened his own Internet Café business in a shack. Please retweet. Let's make him famous," the page captioned the heartwarming Twitter post.
Many people obviously found the post super inspiring, liking it over 9 000 times. Many of them also headed to the comment section to share how motivated they were by the young man who is fearlessly pursuing his dreams.
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Source: Briefly News
