South Africa’s Shoprite plans banking move with Investec

The unusual pairing comes as competition in the country’s banking sector heats up. Africa’s biggest grocer Shoprite plans to team up with upmarket lender Investec to offer customers a debit card and expanded financial services, as competition in South Africa’s banking sector heats up. Under the proposed tie-up, Shoprite, which built its retail empire by partly borrowing from Walmart’s mass market playbook, will use Investec’s banking backbone and regulatory framework to expand financial services to millions of its customers. The unusual pairing offers Investec, traditionally focused on wealthier clients, a way to “broaden our access to retail deposits,” said Investec CEO Fani Titi. The deal is subject to regulatory approval. The strategy takes Shoprite into an increasingly contested battle for South African wallets, where established banks are facing a growing crop of digital challengers. British fintech Revolut is targeting a 2028 launch in what would be its first African market.