Capitec and Pick n Pay team up to roll out ‘bank branches’ across South Africa

Pick n Pay has now added Capitec to its stable of partner banks whose customers can make cash deposits at the retailer’s tills.

With this partnership, Pick n Pay’s extended retail banking solution is now available at over 1,400 stores across the country. This network includes FNB, Absa, TymeBank, Standard Bank, and now Capitec. 

All customers of these banks can deposit cash, withdraw funds, and transfer money at Pick n Pay’s tills, making the retailer the most accessible banking point in retail.

Even before this partnership with Capitec, Pick n Pay was South Africa’s retailer with the most accessible in-store banking footprint, spanning over 11 financial institutions nationwide.

“Customers can now conveniently take care of their banking at the checkout, with no need for a separate trip or to queue at a bank or automated teller machine (ATM),” the retailer said. 

“Deposits are secure and reflect in the customer’s account within minutes. The simplicity of the process requires no app, special onboarding process, or bank account, making Pick n Pay’s cashpoint banking solution one of the most accessible in the country.”

The executive head of Pick n Pay’s value-added services, financial services, and mobile division, Deven Moodley, said this offering helps customers save time and reduce transport costs.

“Pick n Pay’s partnerships simultaneously benefit the customer and banks, as the South African banking landscape is undergoing a transformation,” he said. 

This transformation has seen several South African banks decrease their physical footprints, including reducing the size of their stores and closing down ATMs.

Over the past five years, the number of ATMs operated by four South African banks has declined by 8,345. 

“Due to the high maintenance costs, security, and limited reach of ATMs, banks are turning to strategic partnerships with retailers like Pick n Pay to expand their footprint more cost-effectively,” the retailer said.

“This shift translates to numerous customer advantages, such as extended service hours, accessible locations, and the ability to bank during their everyday shopping routines.” 

“Over and above an improved customer experience, communities benefit from greater financial inclusion and reduced reliance on informal cash systems.”

In addition, Pick n Pay’s partnership with banks offers some of the country’s lowest flat fees for store-to-store money transfers.