Banking & Finance News South Africa

iKhokha expands retail footprint with new store in Pietermaritzburg

Fintech company, iKhokha has this week opened their first Pietermaritzburg retail store, where their point-of-sale devices can be purchased and where merchants can access support, networking opportunities and other business enhancement tools.
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Since launching in 2012, iKhokha has become a competitor in the South African SME payments space, and has developed a deep understanding about the complexities and challenges that small business faces in South Africa.

As part of their growth strategy, iKhokha embarked on a journey to learn more about what their merchants in communities really needed in terms of added support and convenience.

What they found was the need for an on-the-ground presence, which led to the opening of seven physical stores in various locations in KwaZulu-Natal and Gauteng, as a way to extend the brand, increase sales and provide much-needed support. Their eighth store officially opened on 25 April, in Selgro Centre, Church Street, Pietermaritzburg.

To date, iKhokha has opened retail stores in Phoenix, Isipingo, Umlazi, and central Durban as well as in Daveyton, Soweto and Hillbrow in Gauteng, with a store in Thembisa opening in May. May also sees stores being rolled out in East London and Umtata.

Having already sold their devices predominantly online and at retailers such as Makro, Masscash and Cellucity, this move to include location-based retail stores sees iKhokha able to support more existing merchants, increase their market access and foster more economic growth.

“At iKhokha, we are dedicated to helping entrepreneurs and SMEs to believe in better business, by providing support to the underserved self-employed sector of South Africa, a sector that plays such a vital role in stimulating our economy and helping to bridge the unemployment gap,” says Ramsay Daly, co-founder and the executive head of informal market at iKhokha who has spearheaded the initiative.

“Our expansion into retail stores has largely focused on putting the community first. This includes the employment and training of people within the community to work in the stores,” says Daly.

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