Pepkor Moves Ahead With Plans to Launch Low-Cost Bank in South Africa

Pepkor has secured key regulatory approval to establish a bank in South Africa, clearing an important step toward a full banking licence. The retail group plans to use its nationwide network of around 6 000 PEP and Ackermans stores to offer affordable transactional accounts and other basic banking services to lower income and underbanked customers. The new bank will build on Pepkor’s expanding fintech and payments operations, including its recent acquisition of software firm Cloudbadger.