[pretoria] - Pepkor to terminate Wands relationship

  |   Pretorianews

Wands is responsible for the funding of credit books that provide financial services to customers of certain Pepkor retail brands and for delivering financial services by providing credit through Century Capital (Cencap) to customers of the JD Group (JD consumer credit) and unsecured personal loans (Capfin loans) provided by using the Pep and Ackermans retail footprint.

However, Wands carries the credit risk related to these financial services.

Wands, a subsidiary of Fulcrum Financial services SA (Fulcrum), also provides insurance through FGI Holdings (FGI) under the brands of Abacus Insurance and Abacus Life.

On Friday Pepkor said it had considered its options and decided not to pursue the acquisition of the credit books owned by Cencap, but instead would build its own credit books. “The ability of Cencap to continue funding financial services provided to Pepkor customers is uncertain. This presents a business risk to Pepkor as financial services enables sales in especially the JD Group retail businesses,” Pepkor said....

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