NEWS
30/01/2018 12:13 SAST | Updated 30/01/2018 12:20 SAST

'Another Steinhoff Saga?' – SA Reacts To Capitec News

"Worried now. Should we withdraw our money?"

Mike Hutchings / Reuters

"Capitec: A wolf in sheep's clothing" was the name of the Viceroy Research report released on Tuesday about Capitec Bank, which claims the bank is a "loan shark with massively understated defaults masquerading as a community microfinance provider".

The report also urged the South African Reserve Bank and the minister of finance to place Capitec under curatorship.

Capitec has responded that it will investigate the report. The allegations come after Capitec supposedly outperformed "all major commercial banks globally" while targeting low-income earners.

Read: Capitec's Share Price Tanks After Viceroy Report

Siphiwe Sibeko / Reuters

Worried South African Capitec clients took to Twitter to ask what was happening and express their worries about their finances: