By The Rio Times | Created at 2026-09-19 00:16:35 | Updated at 2026-09-19 12:01:56
13 hours ago
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SOUTH AFRICA · FINTECH, 18 SEPTEMBER 2026
Key Facts
—The launch — PayJustNow Mobile, Weaver Fintech’s own mobile virtual network operator (MVNO), began a soft rollout to selected customers on 27 August 2026.
—The network — The service runs on Cell C’s network. Cell C has positioned itself as South Africa’s preferred MVNO host, adding Dolphin Mobile in July and now PayJustNow Mobile.
—The hook — Airtime and data rewards are tied to customer behaviour on PayJustNow, the country’s largest buy-now-pay-later app, with more than a million Google Play downloads.
—The backdrop — Weaver skipped its interim dividend in August after bad-debt costs jumped 62 percent to over R1 billion. The fintech arm still grew revenue 30 percent.
—The base — Weaver serves 5.1 million customers, up 17 percent year on year, and holds about R1.1 billion in cash and unused facilities.
South Africa’s biggest buy-now-pay-later company is now also a mobile operator. Weaver Fintech has quietly switched on PayJustNow Mobile, a phone service that rewards good repayment behaviour with airtime and data — and it is doing so while tightening lending after a bad-debt shock.
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A soft launch, not a splash
There was no launch event and no advertising campaign. PayJustNow Mobile began rolling out to selected customers on 27 August 2026, according to industry trackers, with tech outlet MyBroadband confirming the service on 1 September. Weaver Fintech, the JSE-listed group formerly known as HomeChoice International, had flagged a “soft launch” of the product in its interim results in mid-August.
The service is a mobile virtual network operator: Weaver owns the customer relationship, the brand and the rewards programme, while the calls and data physically run on Cell C’s network. It is the second MVNO to join Cell C in two months, after Dolphin Mobile went live on 22 July. Cell C, which stopped building its own radio network years ago and now roams on partner infrastructure, has made hosting MVNOs a core business.
Why a lender wants to be a phone company
The logic is retention. PayJustNow’s model depends on customers repaying on time and coming back for the next purchase. Mobile service gives Weaver a monthly touchpoint that credit alone cannot provide — and a rewards currency that costs little but feels valuable. Early details indicate airtime and data benefits tied to customer behaviour on the platform.
The move follows a playbook proven elsewhere on the continent: fintechs and banks use connectivity to lock in ecosystems. It also diversifies revenue at a moment when the core lending business needs tighter, not looser, growth.
The bad-debt backdrop
The launch lands in Weaver’s hardest credit cycle in years. In the six months to the end of June, group revenue grew 10 percent to R2.8 billion, but debtor costs surged 62 percent to just over R1 billion and the credit loss ratio climbed to almost 25 percent, from 21 percent. Headline earnings slipped about 9 percent to R272 million, and the board skipped the interim dividend to preserve cash.
A technical failure at DebiCheck, the bank-authenticated debit-order system, made some paying customers look like defaulters — a problem chief executive Sean Wibberley says has been resolved. Weaver cut its targeted approval rate from 81.4 to 75.8 percent, shortened loan terms, and slowed new lending growth from 15 percent in the first quarter to 6 percent in the second. July arrears measures improved 13 percent, the first sign the turn is taking hold. We covered the credit squeeze in detail when the results broke in August.
The engine underneath
For all the credit pain, the fintech division — the part PayJustNow Mobile now extends — lifted revenue 30 percent and fee income 43 percent, and it generates 94 percent of the group’s trading profit. Customer numbers rose 17 percent to 5.1 million. That base, plus R1.1 billion in cash and unused facilities, is what Weaver is betting on: a captive audience for mobile services, digital banking and whatever comes next. Rival digital banks such as GoTyme, which we profiled this month, are chasing the same customer from the banking side.
Wibberley expects consumer finances to stay strained through the second half, with transport and food costs squeezing households. The mobile bet suggests Weaver thinks the winners of that squeeze will be the platforms that own the most everyday touchpoints — and few are as everyday as the phone itself.
Frequently Asked Questions
What is PayJustNow Mobile?
It is a mobile virtual network operator (MVNO) run by Weaver Fintech, the company behind the PayJustNow buy-now-pay-later app. The service sells SIM-based mobile plans with airtime and data rewards linked to customer behaviour, and it runs on Cell C’s network.
When did PayJustNow Mobile launch?
The soft rollout to selected customers began on 27 August 2026. Weaver Fintech had announced a beta launch in its interim results earlier in August. A full public launch date has not been confirmed.
Which network does PayJustNow Mobile use?
Cell C. The operator has become South Africa’s main MVNO host and added its second fintech-flavoured partner in two months, after Dolphin Mobile launched on the same network on 22 July 2026.
Why is a BNPL company launching a phone service?
Retention and data. A monthly mobile plan keeps customers inside the PayJustNow ecosystem, and rewards for on-time repayment support the credit book. The fintech division already produces 94 percent of Weaver’s trading profit, and mobile adds a fee-based revenue line that does not depend on lending.
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Sources: MyBroadband (1 September 2026); News24 Business (12 August 2026); Weaver Fintech interim results commentary for the six months ended 30 June 2026; Atomic Mobile MVNO Launch Tracker (2 September 2026); Business Bagel results analysis (14 August 2026).
More: South Africa coverage from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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