Nedbank Group (NEDJ.J): Key takeaways from Business and Commercial Banking (BCB) showcase

Research evidence excerpt

Nedbank Group (NEDJ.J): Key takeaways from Business and Commercial Banking (BCB) showcase

Equity Research

22 June 2026 | 7:07PM GST

Nedbank Group (NEDJ.J): Key takeaways from Business and Commercial

Banking (BCB) showcase

Nedbank Group hosted a BCB Eqstra and iKhokha showcase today (June 22), hosted Kazim Andac

+971(4)214-9958 |

by Andiswa Bata (ME, Nedbank BCB), Jacqui Carr (CEO, Eqstra), and Matthew kazim.andac@gs.com

Goldman Sachs International

Putnam (Co founder and CEO, iKhokha). Key takeaways are as follows:

Ashwath P T, CFA

+971(4)376-3439 | ashwath.pt@gs.com

Nedbank BCB’s strategy appears increasingly centered on using iKhokha and Goldman Sachs International

Eqstra as scalable adjacencies to deepen its SME and commercial ecosystem, Gokul Vinayak L

broaden fee income streams and improve cross-sell across the franchise, with +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

the key message from management being that the strategic and revenue

benefits should accelerate more meaningfully through 2H26 and beyond. For

iKhokha, the core near-term focus is on cross-selling into Nedbank’s client base,

product integration, merchant funding and incremental payments

monetisation, while management indicated that operational integration

milestones are already progressing in 1H26. For Eqstra, the emphasis is on

evolving from a traditional fleet funding business into a more capital-light

integrated fleet, mobility and energy platform, with management targeting

returns above cost of equity over the next 12–18 months.

iKhokha

iKhokha is a South African fintech focused on SMEs, providing payment acceptance,

business management and merchant funding solutions. Following Nedbank’s

acquisition, the business is expected to play a key role in expanding the bank’s SME