The winner of FNB App of the Year 2024 continues to transform financial accessibility in South Africa with open banking innovation and wealth-building tools.

In a landmark development for South Africa's financial technology sector, Vault22 has announced a game-changing integration with Capitec Bank's Accounts Services API whilst simultaneously launching its much-anticipated Wealth platform. These dual initiatives represent a significant leap forward in the democratisation of financial services in a country where financial inclusion remains a critical challenge.

Capitec Integration: A Milestone for Open Banking in South Africa

As Capitec's first proof-of-concept partner for their Accounts Services API, Vault22 has cemented its position at the forefront of South Africa's open banking revolution. This integration opens doors for Capitec's 23 million+ clients to securely link their accounts to Vault22's ecosystem, enabling comprehensive financial tracking without compromising security or privacy.

"Capitec is excited to pilot our Secure Statement Sharing API with Vault22, enabling users to share their transactional data securely, with informed consent and full control,"

Explained Chris Zietsman, Divisional Executive - Capitec Payments.

"With this integration, users can grant and revoke consent at any time within our app, without ever sharing sensitive credentials with a third party. This is another way that we continue to make financial services simple and accessible for all."

For many South Africans, this represents the first time they'll have access to sophisticated financial tools that provide a holistic view of their finances. In a country where financial literacy remains a significant challenge, such visibility is transformative.

The Promise of Open Banking for South Africans

Open banking—the secure sharing of financial data between institutions and authorised third parties—has already revolutionised financial services in many developed economies. Now, South Africa stands at the threshold of its own open banking revolution, with Vault22 leading the charge.

Benito Mable, CEO of Vault22, emphasised the significance of this development:

"This partnership with Capitec marks a turning point for financial accessibility in South Africa. By embracing open banking principles, we're putting power back into consumers' hands, allowing them to make more informed decisions about their money in a country where financial literacy remains a critical challenge. The Capitec integration has been our most requested feature, and we're thrilled to deliver on our promise to our users."

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