Another Capitec employee debarred for debit order scheme to boost performance bonus
The Financial Services Tribunal has dismissed another former Capitec Bank consultant's appeal against debarment for misrepresenting debit order switches.
The Financial Services Tribunal ruled against a former Capitec Bank consultant for participating in a scheme that misrepresented debit-order switches, undermining the bank's performance-monitoring processes. The case centered on Vusumuzi Mtshali, who worked as a service consultant at Capitec's Orange Farm Palm Springs Mall branch.
An investigation found 162 incidents involving 329 debit-order switches over six months, with Mtshali responsible for 62 of them. Capitec's policy required consultants to scan bank statements for debit orders, while SMS switches relied on branch verification. The tribunal found Mtshali had knowingly submitted bank statement information as SMS switches, contrary to policy.
Debit orders investigated had no monetary value due to short repayment periods. Although Mtshali had received performance bonuses, Capitec dismissed him in November 2025. The tribunal upheld his debarment, finding he no longer met honesty and integrity standards, but noted the debarment period was excessively long.
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