A big change is happening quietly within one of South Africas most well - known retail companies, as Pepkor Holdings Ltd., based in Cape Town and famous for offering cheap clothes and phones , is getting ready to enter the banking industry . This move could change the way millions of customers use financial services .
According to BusinessTech , the company has appointed Merwe Scholtz to spearhead a new banking initiative, signalling momentum behind plans to launch an independent digital lender as early as next year.
The development marks Pepkor's most ambitious diversification yet, expanding its role from retailer and credit provider into a fully fledged financial services player.
