Pepkor is set to launch a new bank in the near future, leveraging its already massive store base across the country.
The group, which owns the Pep, Ackermans, Legit and OK Furniture brands, recently acquired regulatory approval, subject to certain conditions, from the Prudential Authority to establish a bank in South Africa.
The group also acquired CloudBadger Technologies, a financial services platform, in October 2025 to help build its banking services.
Pepkor noted that it submitted a section 16 application at the end of March 2026, which, if approved, would enable it to become officially registered as a bank.
The bank is currently under the codename “plusb.”
In its financial results for the six months ended 31 March 2026, the group said it will benefit from its extensive financial services capabilities as it builds its platform for expansion into banking.
The group will also use its “unmatched” retail footprint across South Africa. Across its overall operations, the group has over 6,000 locations, more than 2,500 of which are in South Africa.
The group previously said that the digital bank’s build will cost less than R1 billion and that it will achieve a return on equity exceeding 30% by the fifth year.
GoTyme Bank CEO Cheslyn Jacobs previously said that the new PEP bank would introduce a massive competitor to the South African banking scene.
Jacobs said that PEP boasts a seasoned exco and a massive distribution network, with stores across South Africa.
The Tyme Group is also familiar with the technology team behind the upcoming bank, which Jacobs said is highly skilled.
While seen as a retail giant, Pepkor already boasts a large financial services segment. In its latest results, FoneYam cellular rentals exceeded expectations, adding 1.3 million accounts.
Capfin increased its credit book to 378,000 loans, while Abacus Insurance’s revenue more than doubled.
Looking ahead, the group looks set to expand its financial services through insurance, cellular rental and the upcoming bank.
During the 6-month period, the group’s revenue grew by 13.2% to R54.8 billion, while its headline earnings per share rose 10.3% to 93.1 cents per share.
