Home » Samsung welcomes South African billionaire Michiel Le Roux’s Capitec on payment platform

Samsung welcomes South African billionaire Michiel Le Roux’s Capitec on payment platform

by Feyisayo Ajayi
Michiel Le Roux

Samsung South Africa, a subsidiary of the South Korean conglomerate Samsung, has announced the addition of Capitec to its Samsung Pay platform in July, allowing Capitec Bank customers to take full advantage of the convenience of Samsung Pay.

Samsung Pay is a leading mobile payment solution that provides a quick and easy way to pay on the go. It provides a safe, secure, and simplified banking solution, allowing users to load their bank accounts, as well as loyalty cards on their mobile devices with ease.

The move, which aligns with Samsung’s commitment to provide South Africans more convenient payment options, is terrific news for Capitec clients and the retail bank as a whole. The partnership will deepen Capitec’s offerings and products and allow more people to enjoy enhanced mobile banking.

The long-term success of Samsung Pay is driven by strong partnerships with major banking institutions, and its expansion will be accelerated with the addition of Capitec.

Samsung also stated that it is exciting to open up a new world of possibilities for anyone who banks with Capitec using their Mastercard debit or credit card, including a new promotion that will make it even easier to enter the Samsung world.

Capitec Bank is a leading South African bank with one of the largest customer bases in the country.

Since its inception 20 years ago by Le Roux and leading businessmen Jannie Mouton and Riaan Stassen, the bank has grown into one of the most reputable banking brands in the world, offering transactional banking and loan products such as term loans, credit facilities, and credit cards.

According to the bank’s audited report, its headline earnings, South Africa’s primary profit measure, rose by 84 percent in 2021 to R8.4 billion ($577 million) at the end of its fiscal year in 2022.

Earnings increased by 17 percent year-on-year, from R23 billion ($1.58 billion) the previous year to R27 billion ($1.86 billion) at the end of the most recently completed fiscal period.

According to the most recent report, despite incurring credit impairment in the millions of dollars, Capitec’s headline earnings have increased by 17 percent over the past five years.

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