Africa’s largest bank by assets in July partnered with Pick n Pay to open branches within retail stores. The bank has started building in-store branches in Pick n Pay stores in the Western Cape and Gauteng. Discussions have started with “one or two” further retailers to expand the concept, Fuzile says.
Standard Bank and other incumbents in South Africa are seeking to improve distribution and lower the cost of their services in the face of increased competition from new entrants including Tyme Bank, Discovery Bank and Bank Zero. Tyme Bank agreed a partnership with Pick n Pay in 2019.
The Pick n Pay branches run according to the retailer’s trading hours rather than traditional banking times. They typically use two bankers and an area of six to 10 square metres within an open retail space. That represents a huge saving over full branches of between 100 and 300 square metres, Fuzile says.
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