Capitec partners with Wise Platform to enhance cross-border payments in South Africa
South African bank Capitec has partnered with Wise Platform to strengthen its international payments offering, giving customers access to faster and lower-cost cross-border transfers directly from their bank accounts. The collaboration is designed to support both individuals and businesses that send money abroad, while aligning with Capitec’s focus on simplicity, transparency and affordability.
Wise Platform is the global payments infrastructure arm of Wise, and the agreement marks its entry into the South African market. The partnership comes as financial institutions continue to modernise their cross-border payment capabilities and seek more efficient ways to serve customers with international transfer needs.
Improving the international payments experience
Through the new arrangement, Capitec aims to extend its customer proposition into cross-border payments with a more reliable and streamlined experience. The bank said the partnership with Wise Platform will help it deliver international transfers that are processed faster and at lower cost, while maintaining the principles that underpin its broader banking model.
Kumeran Govender, Head of Forex at Capitec, said the partnership reflects a shared approach between the two companies. “At Capitec, we’re focused on making banking simpler, more transparent, and more affordable. Wise Platform shares our ethos, making them a natural partner. Working together will enable us to deliver a reliable, enhanced cross-border experience that meets those expectations,” Govender said.
Wise Platform’s Global Managing Director, Steve Naudé, said the deal shows how large banks can upgrade their cross-border infrastructure without lengthy transformation programmes. “Customers are increasingly willing to move to providers that deliver a seamless experience, and Capitec is a strong example of a bank taking action early to stay competitive. Our partnership demonstrates how large-scale banks can modernise their cross-border infrastructure quickly, without needing to wait for multi-year transformation programmes,” Naudé said.
Wise Platform expands its network footprint
The Capitec agreement also represents a strategic milestone for Wise Platform as it enters South Africa. The company operates through Wise’s global payments network, which includes around 80 licences and direct connections to domestic payment systems in eight markets.
According to the company, it has added 13 new global partnerships over the past year as financial institutions look for ways to improve the speed, cost and reliability of international transfers. The Capitec collaboration adds South Africa to that expansion path and broadens Wise Platform’s footprint in emerging markets.
Industry Analysis
The partnership highlights a broader trend in banking: customers increasingly expect cross-border payments to be as simple and transparent as domestic transfers. For banks, that expectation is pushing investment in modern payment infrastructure and strategic partnerships rather than building all capabilities in-house.
For Capitec, the deal strengthens a core customer proposition by extending its low-friction banking model into international payments. For Wise Platform, the agreement provides a significant local market entry point and reinforces its role as an infrastructure partner for established financial institutions seeking to upgrade their payment rails.
As competition intensifies in retail and business banking, partnerships like this may become a key route for banks aiming to improve international payment services quickly, while keeping costs and operational complexity under control.
