According to the bank, it is trying to establish how it happened that a retailer that was using another bank deducted transactions twice from Capitec account holders.

Capitec chief executive Gerrie Fourie says that he currently doesn’t have any money in his wallet, and he believes that this will become increasingly common in South Africa in the near future.

Capitec has launched a new access facility aimed at providing affordable revolving credit to customers. The bank said that the facility can be fully managed from the group’s app allowing clients ...