South Africa’s unlikely telecoms giant
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Pepkor Holdings has shifted its cellular business model from outright handset sales to smartphone financing via its FoneYam rental product. FoneYam's rental book grew 53% year-on-year to R2.6-billion, with 2.4 million active customers and 1.3 million new accounts activated in the six months to March 2026. Overall handset unit sales remained flat at ~6.7 million. The financial services segment, which includes FoneYam, Capfin, Abacus insurance, and the prospective PlusB bank, grew revenue 41.6% to R3-billion with operating profit up 63.4%. Pepkor's active SIM base exceeds 30 million, generating R1.1-billion in recurring revenue. The company has also filed its final regulatory application to become a registered bank through PlusB.
