Pepkor secures regulatory approval to launch a new bank in South Africa

Pepkor's PEP added 38 new stores in the six months to March 31, 2026, reaching a footprint of 2,725.

Pepkor continued to strongly grow its financial services businesses and expand its store base in the six months to March 31 as it commences the building of a bank in South Africa.

The group, which owns the Pep, Ackermans and OK Furniture brands, said in its results for the six months to March 31 it had acquired regulatory approval, subject to certain conditions, from the Prudential Authority to establish a bank. A Section 16 application had also since been submitted, which is the formal application to start a bank.

The group acquired CloudBadger Technologies, which specialises in providing software solutions for banks, in October 2025, to help build a bank, said Pepkor CEO Pieter Wrasmus said Tuesday. The bank is currently under the codename “plusb.”

Pepkor has 6,657 retail stores across its brands and opened 89 new stores and added 541 through acquisitions in the six months to March 31.