for subscribers

Capitec taken to court over 'reckless lending'

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
Capitec has launched a mobile banking application. (Duncan Alfreds, Fin24)
Capitec has launched a mobile banking application. (Duncan Alfreds, Fin24)

Cape Town - Multiple award-winning bank Capitec [JSE:CPI] is facing two court cases, which could have an impact on its lending practices.

One of South Africa's five biggest banks, Capitec was recently crowned the best bank in the world by international banking advisory group Lafferty in its inaugural 2016 Bank Quality Rankings. Locally, the bank was ranked SA’s best bank for the fourth year running by the SA Customer Satisfaction Index (SACsi) - both in terms of how consumers experience its quality of service and value for money offered.   

Consumer watchdog Summit Financial Partners served papers on the bank last week - a High Court application requesting the bank to provide consumer credit agreements based on the clients providing Summit permission to access the documents.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
16.39
(-0.33)
ZAR/GBP
21.19
(+0.32)
ZAR/EUR
19.14
(+0.48)
ZAR/AUD
11.52
(+0.22)
ZAR/JPY
0.16
(+0.13)
Gold
1866.00
(-0.69)
Silver
23.20
(-0.88)
Platinum
848.00
(-2.47)
Brent Crude
39.48
(-4.73)
Palladium
2195.50
(-2.58)
All Share
51896.97
(-0.79)
Top 40
47576.46
(-0.74)
Financial 15
9756.70
(-2.69)
Industrial 25
72681.12
(-0.25)
Resource 10
47826.96
(-0.63)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
23% - 135 votes
No, I did not.
50% - 290 votes
My landlord refused
26% - 151 votes
Vote