South Africa Regulator recommends approval of Capitec’s $24.5 million Walletdoc deal      

South Africa’s Competition Commission has recommended that the Competition Tribunal approve Capitec’s proposed R400 million ($24.5 million) acquisition of fintech company Walletdoc, subject to three conditions aimed at protecting competition in the payments market. 

Capitec, South Africa’s largest bank by customer numbers, told shareholders in December 2025 that it planned to acquire Walletdoc as part of efforts to lower payment costs and expand access to digital financial services. 

Johannesburg-based Walletdoc provides payment gateway services to merchants, including online and in-app payments, digital wallets and payment links. It also operates as a third-party payment provider and system operator, offering payment processing and access to payment methods including Capitec Pay and PayShap.

Competition Commission sets three conditions 

The Competition Commission said it was concerned the deal could affect competition in the payments market. Capitec agreed to three conditions designed to address those concerns. 

Under the first condition, Capitec and Walletdoc must make Capitec Pay available to technically and commercially capable third-party payment service providers seeking to integrate the platform. 

Capitec Pay is an instant electronic funds transfer service that allows customers to make payments online and through apps without entering card details. 

The second condition prevents Capitec from using confidential business information obtained from rival payment service providers that gain access to Capitec Pay. 

The commission said the measure is intended to protect commercially sensitive information while allowing third-party providers to use the platform. 

The third condition requires Capitec to treat competing payment systems fairly. The commission said Capitec must not treat PayShap Request or the Rapid Payments Program rail less favorably than its own Capitec Pay product. 

Differences may be allowed where they are based on objectively verifiable and proportionate factors, including scheme rules and risk-control requirements, the commission said. 

Walletdoc deal awaits Tribunal approval 

The commission said the transaction does not raise significant public-interest concerns. The Competition Tribunal must still approve the deal before Capitec can complete the acquisition. 

When the transaction was announced, Capitec said the purchase would support its efforts to make financial services more affordable and accessible. 

“We are committed to making financial services more accessible and affordable for all South Africans,” the bank said. 

Capitec expands digital payments business

Capitec was founded in 2001 by Michiel le Roux, Jannie Mouton and Riaan Stassen as a low-cost banking alternative. The lender has since expanded into savings, credit, insurance and payments.

CEO Graham Lee, who took over in July 2025, now leads a group serving more than 26 million clients through about 880 branches.

The Walletdoc deal comes as Capitec prepares for another corporate change. Shareholders recently approved a name change from Capitec Bank Holdings Limited to Capitec Limited. 

The change is scheduled to take effect in late August 2026, with trading under the new name expected to begin Aug. 26. The company will retain its JSE share code, CPI, its ISIN and its main-board listing status.