South Africa: Pick n Pay partners with Capitec for in-store banking across 1,400 locations
The latest addition of Capitec cash deposits at Pick n Pay tills cements the retailer's position as one of the most accessible in-store banking network in the country, now serving customers from over 11 financial institutions nationwide.
Banking at the checkout means no extra trips, no standing in bank queues, and no need for an app or complicated onboarding. Deposits are secure and reflect in customer accounts within minutes—providing a safe, quick, and affordable alternative to ATMs or bank branches.
'We are proud to offer the most inclusive retail banking solution in South Africa,' says Deven Moodley, executive Head of Pick n Pay's Value-Added Services, Financial Services, and Mobile division.
'By integrating an expanded banking offering into the shopping experience, we're saving customers time, reducing transport costs, and improving access to essential financial services.'
Responding to a changing banking landscape
South Africa's banking sector is evolving rapidly. In the past five years, the number of ATMs operated by the country's four major banks has dropped by 8,345 units, driven by high maintenance costs, security concerns, and limited reach.
As a result, banks are increasingly partnering with retailers like Pick n Pay to expand their reach more efficiently. This collaboration offers customers extended service hours, easily accessible locations, and the convenience of banking during routine shopping trips—helping to strengthen financial inclusion and reduce reliance on informal cash systems.
Affordable, nationwide access
Pick n Pay also offers one of the lowest flat fees for store-to-store money transfers in the country. With over 1,400 stores nationwide participating, customers can enjoy the freedom to manage their money anytime they shop.
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