Pepkor Holdings is seeking a banking chief as Africa\u2019s biggest seller of clothing and mobile phones plans to open branches using its store network in South Africa to reach millions of lower-income customers.<\/p>\n
The senior leader will be responsible for driving the shift to a \u201cfully integrated transactional-banking model\u201d across more than 2 500 outlets in South Africa, the Cape Town-based company said in a job posting dated March 11.<\/p>\n
\u201cThis is a critical role that demands an entrepreneurial spirit, a deep understanding of retail banking, and the ability to execute large-scale strategic initiatives,\u201d the company said.<\/p>\n
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![\"\"](\"https:\/\/www.moneyweb.co.za\/wp-content\/uploads\/2026\/03\/419864338-555x370.jpg\")
<\/p>\nA cash till with rand banknotes and coins in a restaurant in Johannesburg, South Africa.<\/p>\n<\/div>\n
Pepkor got approval last year from South African authorities to establish a banking presence, bought a financial technology-software platform to support this expansion, and in late December said it had appointed Richard Wainwright as an independent non-executive director. He served as chief executive officer of Investec Bank, one of South Africa\u2019s largest, for just over eight years until 2024.<\/p>\n
This is as Pepkor prepares to join other retailers \u2014 including the country\u2019s largest grocer Shoprite\u00a0\u2014 in using their rapidly growing consumer data gathered from loyalty programs to offer banking solutions to South Africans, about a sixth of whom have no account or are under-serviced by traditional lenders.<\/p>\n
Read: Pepkor CEO sells half a billion rand of shares
Pepkor posts solid first-quarter growth, led by fintech and credit<\/p>\n
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Many local retailers already offer basic financial services such as fund transfers, bill payments, and cash withdrawals. Revenue at Pepkor\u2019s fintech unit rose 31% to R16.6 billion ($994 million) in the year through September 30, accounting for 17% of the company\u2019s total sales.<\/p>\n
By opening Pep Bank within its existing stores, the retailer can roll out branches quickly and attract customers who already frequent its discount outlets.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n