Shoprite and Investec agree banking partnership with debit card plan
The non-exclusive deal, which still needs regulatory approval, lets Investec supply banking infrastructure while Shoprite operates on its banking licence. Shoprite will expand its transactional accounts, and Investec expects a boost to its retail deposits.
Shoprite will add a debit card as part of the expansion of its transactional accounts. Investec said the agreement will not replace Shoprite's existing relationships with other banks, financial service providers, loyalty partners and payment providers.
Investec Group chief executive Fani Titi said the partnership gives the bank access to new markets. He said Investec can scale its established financial services skills while it stays focused on its current target market. He also said it lets Investec deepen its role in South Africa's changing payments sector and widen its access to retail deposits.
Investec stressed several times that its corporate payments division is not a move into mass-market retail banking. Shoprite Group CEO Pieter Engelbrecht said in a statement on Monday that customers trust the retailer to serve them in better and cheaper ways.
Key facts
- Who
- Fani Titi (chief executive of Investec Group); Pieter Engelbrecht (Shoprite Group CEO); Investec (bank partner to Shoprite); Shoprite (retailer entering banking partnership)
- What
- Shoprite and Investec have agreed a non-exclusive banking partnership, subject to regulatory approval, under which Investec provides banking infrastructure and Shoprite operates on its banking licence. The partnership is expected to boost Investec's retail deposits.
- When
- 9 November 2026
- Where
- South Africa
- Status
- Reported