Capitec CEO Gerrie Fourie has warned customers to “live within their means” as the South African lender has reported an 80% increase in credit impairments to ZAR6.3bn ($404m) amid a tough economic climate. Net loans and advances grew by 17% to ZAR78.2bn. Fourie attributed the credit losses to the deteriorating economy and inflation. Meanwhile, Capitec has cut its credit limit for customers by ZAR3.5bn, and only approves 45% of loan applications, down from its previous low of 60%. The lender has invested ZAR1.4bn in strategic initiatives including the expansion of Capitec Connect and the creation of an insurance business.