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."
The benefits for South Africans are substantial:
- Improved access to financial services- More personalised financial productss- Enhanced financial transparency and control- Better financial education and decision-making tools
Beyond Budgeting: Vault22's New Wealth Platform
Coinciding with the Capitec integration, Vault22 has launched its Wealth platform, expanding the company's mission beyond financial tracking and budgeting to actively helping users build and grow their wealth. This development transforms Vault22 from a budgeting app 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 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."
Democratising Investment: ETFs and the Wealth Platform
One of the most exciting aspects of Vault22's Wealth platform is its focus on making investments accessible to everyday South Africans. Among the investment options available, Exchange-Traded Funds (ETFs) stand out as a particularly powerful vehicle for first-time investors.
For South Africans new to investing, ETFs provide an opportunity to gain exposure to both local and international markets without requiring extensive financial knowledge. Through Vault22's Wealth platform, users can now access these investment vehicles with unprecedented ease.
A Comprehensive Financial Marketplace
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.
Security Remains Paramount
In an era of increasing digital threats, 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.
Looking Ahead: The Future of Financial Inclusion
The combination of open banking integration and wealth-building tools positions Vault22 uniquely in South Africa's financial landscape. By bridging the gap between traditional banking and modern financial tools, Vault22 is democratising access to financial services in ways previously unimaginable.
For a nation with historically high levels of financial exclusion, these developments represent more than just technological innovation—they offer a pathway to financial empowerment for millions of South Africans.
As the recipient of the FNB App of the Year 2024 for Best Financial Solution, Vault22 continues to demonstrate that financial innovation can be both cutting-edge and inclusive, serving the needs of all South Africans regardless of their financial background or literacy level.
For more information about Vault22, the new Capitec integration, and the Wealth platform launch, visit vault22.io or download the app from your app store.