…prioritising South Africa rollout
Pepkor Holdings has ruled out any immediate plans to enter Namibia’s banking sector, despite securing regulatory approval to launch a digital bank in South Africa.
The retail group, which owns brands including PEP and Ackermans, said its current priority is the rollout of its banking operations in South Africa. Pepkor spokesperson Elizabeth Senger told The Brief the company is focusing on execution following approval from the country’s Prudential Authority in November 2025.
The group plans to leverage its fintech acquisition, Cloudbadger, to launch a digital bank targeting under-served consumers.
Pepkor’s extensive retail footprint in Namibia has fuelled expectations of a possible move into financial services. Through PEP and Ackermans, the group serves a large base of low- and middle-income customers, a segment increasingly targeted by digital banking models.
The company’s strategy reflects a broader shift among South African retailers seeking growth beyond traditional retail. Companies such as Shoprite and Pick n Pay have already expanded into financial services, with Pick n Pay partnering with TymeBank to offer in-store banking solutions.
The Bank of Namibia said it cannot confirm whether Pepkor or its subsidiaries have applied for a banking licence or a specialised deposit-taking institution licence, noting that such processes remain confidential.
“Details of licence applications are confidential, and any approvals would only be announced after due process,” the central bank said.
The regulator added that it remains open to new entrants and evolving business models, particularly where these support financial inclusion, consumer protection and overall financial system stability.
“New business models, including retail-led or technology-driven approaches, are assessed on their merits within the existing regulatory framework,” the Bank said.
In South Africa, Pepkor is set to enter a highly competitive banking market dominated by established players including Standard Bank, FirstRand, Absa, Nedbank and Capitec Bank.
