FSCA Press Release 11 September 2020

FSCA statement on Capitec duplicated transactions on clients’ accounts

The Financial Sector Conduct Authority (FSCA) is aware of recent technical issues
experienced by Capitec Bank that have resulted in many of its clients having duplicated
transactions in their accounts. The Authority has also taken note of Capitec clients’
complaints about this issue and have engaged Capitec accordingly.

The bank’s management team has assured the FSCA that this matter is being attended
to urgently, and will be resolved in the next 24 hours, with clients’ funds returned to their
accounts. Clients who do not receive their money can approach the banking ombudsman
to file an official complaint. As part of the requirements in the FSCA’s Conduct Standard
for Banks, the FSCA will continue to engage with the banking sector and review their
systems and processes to avoid such instances occurring in the future.

The FSCA is monitoring the situation and expects a speedy resolution in the best
interests of all affected Capitec clients.The Conduct Standard for Banks can be
downloaded here or visit www.fsca.co.za. The banking ombudsman can be contacted by
emailing info@obssa.co.za or visiting www.obssa.co.za.

ENDS

Enquiries: Financial Sector Conduct Authority

Email address: fscacommunications@fsca.co.za
Telephone: 0800 203 722

Transitional Management Committee:

DP Tshidi (Commissioner) CD da Silva JA Boyd MM du Toit LP Kekana K Gibson OB Makhubela P Mogase