Capitec launches money management tool

Cape Town - Against the background of high household debt and low savings rates, Capitec Bank has launched a real-time mobile money management tool to help people manage their budget on the go.

The tool is a new feature in the existing Capitec Bank app. To give clients full control of their finances, the real-time element of the Budget Tool means that clients will be able to track money coming into or leaving their account as it happens in real-time.

When alerted by the instantaneous SMS notifications, clients can immediately allocate the specific income or expense into a category, such as groceries, car instalments, or entertainment, to ensure they are on track with savings goals.

The Budget Tool app is currently embedded in the Capitec Bank mobile application for all smart phone users.

This way, clients can track their monthly recurring payments as well as their daily expenditure against the planned budget for the rest of the month, in real-time as they spend money and better manage their available funds.