Criticism of food-on-credit is ‘nonsense’
CEO Richard Brasher says PnP won't get more people into debt
When Pick n Pay began refining the idea of offering groceries on credit, a process it began three years ago, it decided to partner with a foreign bank due to high local bank charges, said CEO Richard Brasher this week. Local banks passed on high costs to their clients, especially on credit cards; and there was the history of the obstacles that millions of South Africans had faced in getting access to banking services, he said. Brasher denied that local banks were not interested in their credit offering. Instead he said: "I met with the CEO of the Commonwealth Bank of Australia and we agreed we would be good partners," Brasher said. "They are a very conservative bank, they created their platform based on being a savings bank, and they wanted to have a partnership with a company that had wider reach, from the least affluent in society to the most affluent. Between Boxer and Pick n Pay I think we achieved that," he said. Digital banking Pick n Pay already offers financial services to 2...
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