Chaos as Capitec Bank Freezes Zimbabwean Exemption Permits (Zep) Holder Accounts
There is chaos in South Africa after Capitec Bank closed the accounts of some Zimbabwean Exemption Permit (ZEP) holders. This comes despite an extension of the permits’ validity, leaving many account holders frustrated and without access to their funds.
On 28 November 2024, South African Minister Leon Schreiber extended the ZEP validity by 12 months, allowing Zimbabwean holders to remain in the country until 28 November 2025. Despite this, numerous Zimbabweans have taken to social media to express outrage over Capitec’s actions.
Social Media Outrage
Frustrated ZEP holders and their employers shared their experiences on Twitter. Frances Hobden questioned Capitec’s decision.
“On what basis have you suspended my employee’s bank account?” she wrote. “The ZEP permits have been extended, and they are lawfully in the country with a right to banking services.”
Another user, @LodrickMutasa, highlighted the timing of the account closures.
“Come on guys. You still have the permits in your systems, and this is month-end. Tomorrow is a public holiday. People need to pay rent and enjoy the new year with the funds you have paused.”
Others expressed their frustration with the inconvenience caused by the account freezes.
“Why is my account frozen?” asked Justice Nyaude. “I am travelling; what the [expletive] is this?”
Rachael Shiri also voiced her concerns, saying,
“What’s happening to our accounts? I have debit orders that needed to be paid by yesterday, and my account is blocked. Please explain.”
Capitec Responds
Capitec Bank acknowledged the concerns and promised to address the issue.
“We are aware of the challenges regarding ZEP holders and the extension of permits,” the bank tweeted. “Our team is currently investigating the issue, and we appreciate your patience as we work to resolve it. We understand the impact this has and are actively addressing it.”
Despite this assurance, many affected customers remain sceptical. Some questioned why only Capitec seems to have taken this action, as accounts at other banks remain unaffected.
Eddie Kativhu called the situation “unprofessional.” He tweeted,
“You just close my account without notice. I am trying to swipe for daily needs, and there is no bank near me. What should I do now?”
The situation has left many ZEP holders stranded during a critical time. Month-end is when most people pay rent and settle bills, and the sudden account freezes have caused significant disruptions.
Tonderai Majuru summed up the confusion, tweeting, “Capitec, you closed my account even though ZEP permits were extended till 2025.”
Capitec Bank has yet to provide a detailed explanation for its actions or a timeline for resolving the issue.
The sudden account closures by Capitec have left many Zimbabwean ZEP holders frustrated and in financial limbo.