Capitec has joined other major South African banks in Pick n Pay’s growing retail banking network, allowing customers to deposit cash, withdraw funds, and transfer money at checkout.
The retailer’s in-store banking footprint now spans 11 financial institutions nationwide and 1 400 stores. Participating banks include Absa, African Bank, Albaraka Bank, Bidvest Bank, Capitec, Discovery Bank, First National Bank, Grindrod Bank, Sasfin Bank, Standard Bank, and TymeBank.
Pick n Pay said the service allows customers to manage their banking without a separate trip to or queue at a bank or ATM, with deposits reflecting in accounts within minutes. The process requires no app, special onboarding, or bank account.
Pick n Pay’s partnerships come as the South African banking landscape undergoes transformation. MyBroadband reports that over the past five years, four major banks have collectively closed about 8 345 ATMs because of high maintenance costs, security concerns, and limited reach, prompting a shift towards retail partnerships.
Capitec, however, is bucking the trend. MyBroadband notes it is the only major bank to expand its ATM network since 2019, adding 3 787 units by February 2025. Capitec said it is increasing its branch and ATM footprint “to give customers better access to its services”.
A MyBroadband table that takes its figures from the 2023/24 financial year, shows that Absa reduced its ATMs from 8 656 in 2019 to 5 138; FNB from 5 780 to 4 770; Nedbank from 4 257 to 4 199; and Standard Bank from 9 321 to 5 562.
The Outlier reported that the decline in ATMs over the past year was mainly because of violent crime, including bombing certain sites, for which replacement units were no longer feasible.
Daily Investor noted that Standard Bank said the closure of ATMs “does not mean it is not investing in its ATM network”. The bank added that new ATMs “have higher capacity and offer more client services, including real-time acceptance, validation, and recycling of bulk cash”, and allow users to print or email bank documents.
FNB explained that its reduction in ATMs reflects continuous evaluation of device placement, “driven by local market alignment and device economics”, but it is installing more automated deposit tellers to expand functionality.
