Pepkor seeks money chief as top Africa clothes seller plans bank

Pepkor Holdings is seeking a banking chief as Africa’s 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.

The senior leader will be responsible for driving the shift to a “fully integrated transactional-banking model” across more than 2 500 outlets in South Africa, the Cape Town-based company said in a job posting dated March 11.

“This is a critical role that demands an entrepreneurial spirit, a deep understanding of retail banking, and the ability to execute large-scale strategic initiatives,” the company said.

A cash till with rand banknotes and coins in a restaurant in Johannesburg, South Africa.

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’s largest, for just over eight years until 2024.

This is as Pepkor prepares to join other retailers — including the country’s largest grocer Shoprite — 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.

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Many local retailers already offer basic financial services such as fund transfers, bill payments, and cash withdrawals. Revenue at Pepkor’s fintech unit rose 31% to R16.6 billion ($994 million) in the year through September 30, accounting for 17% of the company’s total sales.

By opening Pep Bank within its existing stores, the retailer can roll out branches quickly and attract customers who already frequent its discount outlets.

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