Pepkor plans to launch its bank in April 2027.
The retailer expects its nationwide presence to help attract 1.8 million primary banking customers over the next five years.
Pepkor chief commercial officer Garth Napier told investors that customers will be able to bank both online and in-store once the new offering launches. The service will be backed by Pepkor’s footprint of more than 6,500 stores across South Africa.
Retail giant Pepkor Holdings, the powerhouse behind popular brands like Pep and Ackermans, is gearing up to launch its own bank as it expands beyond retail and basic financial services.
The company received regulatory approval from the Prudential Authority in November 2025, granting it Section 13(1) approval under South Africa’s Banks Act, a key milestone that allows Pepkor to move forward with establishing a fully fledged banking operation.
The move positions Pepkor for a major shake-up in a sector dominated by Standard Bank, First National Bank, Absa, Nedbank, Capitec and newer players like TymeBank.
The company intends to offer zero-fee banking options, simple financial products, and accessible services that could appeal to millions who are underserved by traditional institutions.
