8 out of every 10 prepaid phones sold in South Africa come from a clothing store. PEP. You walk in for school clothes and walk out with a Samsung. Now Pepkor, the group that owns PEP, has regulatory approval to build a bank, codenamed plusb, with launch targeted for April 2027. The activity is already there. PEP stores handle about 2 million money transfers and 22 million cash withdrawals a month, with no banking licence. The lesson for any business: own the room your customers already stand in, then decide what to sell them next. Would you open a bank account at PEP? #PEP #Pepkor #SouthAfrica #Fintech #GlobalArbitrage