Capitec not part of SAFT (South African Future Trust) – Despicable!

SAFT Extends direct financial support to SMME employees who are at risk of losing their jobs or will suffer a loss of income because of COVID-19.

SAFT relies on the major banks to administer the Fund on behalf of the Donor and SAFT acknowledges that these Banks, being ABSA, First Rand, Nedbank and Standard Bank “have pulled out all the stops to make this scheme possible in a very short timeframe, to ensure SMMEs can apply for funding from Friday 3rd April”.

A noticeable absence from the list of Banks who have offered free admin services to assist in administering the SAFT Funds in South African's time of need, is Capitec (largest bank in terms of Customers and 3rd largest by JSE Market Capitalisation)!

As a individual business owner client of Capitec, I am prohibited from participating in the SAFT scheme because applications need to be made at the Bank where you hold your main business transactional banking account – which is Capitec.

I look forward to Capitec’s response as to why it is not participating in this important initiative at such a critical time.