Vault22, South Africa's leading financial fitness platform, today announced the integration of Capitec’s Accounts Services API into its ecosystem, marking a significant milestone in the app's commitment to open banking, financial inclusivity, and comprehensive wealth management across the nation.

This highly anticipated integration allows Capitec's 23 million+ clients to securely link their accounts to Vault22, enabling them to track spending, manage budgets, and gain valuable insights into their financial habits without compromising security or privacy. As Capitec's first proof-of-concept partner for their Accounts Services API, Vault22 continues to pioneer comprehensive financial visibility for South Africans.

"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. 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" said Chris Zietsman: Divisional Executive -Capitec Payments.

The integration represents a significant advancement in South Africa's open banking landscape, where secure data sharing between financial institutions and trusted third-party providers creates more value and choice for consumers. 

Benito Mable, CEO ofVault22, commented: "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."

Open Banking: A Financial Revolution for South Africa 

Open banking represents a paradigm shift in how financial data is managed and utilised. In a country where financial inclusion remains a challenge for millions, open banking creates opportunities for innovative solutions that address unique local needs.

South Africa's financial sector has traditionally been dominated by a few major banks, limiting competition and consumer choice. Open banking disrupts this model by allowing consumers to securely share their financial data with authorised third parties, fostering innovation and creating more personalised financial services.

For South Africans, particularly those underserved by traditional banking systems, open banking/presents opportunities for:

• Improved access to financial services regardless of location or income level
• More personalised financial products tailored to individual needs
• Enhanced financial transparency and control
• Better financial education and decision-making tools

Vault22 Wealth: Beyond Budgeting to Building Financial Freedom

Coinciding with the Capitec integration, Vault22 has officially launched its Wealth platform, expanding the company's mission beyond financial tracking and budgeting to actively helping users build and grow their wealth. This launch represents a major pillar in Vault22's growth strategy and transforms the platform into a comprehensive financial ecosystem.

"Financial health isn't just about tracking expenses—it's about actively growing your wealth and securing your future," said Benito Mable. "With our Wealth platform, we are empowering South Africans at all income levels to take that crucial next step from managing money to making it work harder for them."

About Vault22

Vault22 has rapidly evolved from a budgeting app to become South Africa's most comprehensive financial health platform. The app now supports over 120 banks and financial institutions and is aggressively pursuing integrations with all major South African banks, giving users a complete 360-degree view of their finances including bank accounts, credit, debit, insurance, and investment accounts in one place.

Vault22'smarketplace is structured around three core pillars:

• Grow: Recently launched investment options designed to be simple, accessible, and tailored to different risk appetites and financial goals
• Borrow: Responsible lending options including the newly added Sanlam Personal Loans, offering users fair rates based on their financial profile
• Protect: Insurance products beginning with Old Mutual Easi-Flex Funeral Cover, with more insurance offerings in development

Each product in the marketplace is carefully curated to meet the specific needs of Vault22 users, ensuring relevance and value. The marketplace will continue to expand with additional financial products across all three pillars.

Vault22 maintains the highest standards of security, employing bank-level encryption and never storing users' banking credentials. With the addition of Capitec's Secure Statement Sharing API, the app continues to prioritise both security and user control over personal financial data.

For more information about Vault22, the new Capitec integration, and the Wealth platform launch, visit www.vault22.co.za or download the app from your app store.

Winner of the FNB APP OF THE YEAR -- BEST FINANCIAL SOLUTION 2024