Shoprite has partnered with Investec Bank Limited to establish an alliance banking partnership, expanding its financial services to offer customers multiple services under one roof.
Subject to regulatory approval, Investec will become the banking sponsor for an expanded Shoprite Financial Services transactional account, featuring the introduction of a debit card, enhanced payment flexibility, and improved security.
Customers will be able to open Investec Bank accounts directly through Shoprite.
“We serve millions of customers every day who rely on us for affordable food and household essentials. By combining our reach with Investec’s banking expertise, we can expand access to simple and convenient fintech solutions that give South Africans greater choice and control over their money,” said Pieter Engelbrecht, Chief Executive Officer of the Shoprite Group.
Under the proposed model, Shoprite Financial Services will manage the customer-facing proposition across its brands, stores, and digital channels. Meanwhile, Investec will provide the underlying banking infrastructure and regulatory framework, enabling Shoprite to scale its transactional offerings without establishing a separate bank.
The agreement does not replace Shoprite’s existing relationships with other banks, financial service providers, loyalty partners, or payment providers.
“Investec is pleased to partner with the Shoprite Group, a long-standing client and Africa’s largest FMCG retailer. It enables Investec to access new markets, allowing us to scale our established financial services capabilities while remaining focused on our existing target market,” said Fani Titi, Chief Executive of Investec Group.
Shoprite currently operates a basic Money Market Account serving 4.3 million predominantly underbanked customers. The retailer continues to broaden its fintech portfolio—having recently added buy-now-pay-later functionality via PayJustNow, acquired a majority stake in R&A Cellular for informal market reach, and integrated airtime sales into its Sixty60 application.
