Capitec Tops List of Most Complained-About Banks in South Africa

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Capitec Tops List of Most Complained-About Banks in South Africa – Capitec, one of South Africa’s prominent banks, has recently been labeled the most complained-about bank in the country by the Ombudsman for Banking Services (OBS). According to OBS, Capitec experienced a significant surge in customer complaints during 2022, with a notable increase of 11%. The primary concerns voiced by disgruntled Capitec customers revolved around mobile banking fraud and vishing, a type of scam involving voice calls.

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Customer Complaints and Figures In 2022, the Ombudsman for Banking Services received a staggering total of 47,819 calls from Capitec customers, highlighting their grievances with the bank. This number represents a substantial rise from the 41,880 complaints recorded in the previous year. Additionally, the OBS reported an average of 1,424 active cases per month related to Capitec in 2022.

Nedbank’s Complaint Numbers Following closely behind Capitec, Nedbank secured the second position in terms of customer complaints. The OBS opened 1,508 cases related to Nedbank, highlighting the concerns and issues raised by its customers.

Capitec Customers Express Dissatisfaction South African individuals took to various platforms to express their dissatisfaction with Capitec’s services. Some customers lamented the long queues at ATMs, stating that the bank should take appropriate measures to address this issue. Others criticized the bank for its increasing costs, claiming that Capitec is no longer as affordable as it used to be. One customer even described Capitec as a “useless bank” due to reported fraudulent activities.

Conclusion Capitec’s recent distinction as the most complained-about bank in South Africa raises concerns about the quality of its services and the bank’s ability to effectively address customer grievances. With mobile banking fraud and vishing being the primary sources of discontent, it is imperative for Capitec to enhance its security measures and communication channels to restore customer trust. The rise in complaints should serve as a wakeup call for the bank to prioritize customer satisfaction and deliver on its promise of reliable and efficient banking services.

Source: Editorial Times