iKhokha Review

iKhokha is a South African payments company based in Umhlanga, KwaZulu-Natal, that sells card machines, tap-on-phone acceptance and online payment tools to small businesses. It was founded in 2012 and has been a wholly owned subsidiary of Nedbank Group since the bank's R1.65 billion all-cash purchase, which Nedbank consolidated from 1 December 2025. You buy the card machine outright rather than renting it: as listed in October 2026, the iK Flyer with a built-in printer costs R1,499 and the iK Flyer Lite R699 (reduced from R999), with an optional R75 a month SIM for unlimited data. Tap on Phone is free on a compatible Android or Huawei phone. In-person rates for South African cards are published in volume tiers, from 2.75% down to 2.5% excluding VAT, with custom pricing above R100,000 a month. Online card payments cost 2.85%, Instant EFT 2%, international cards 3.25% and in-person Amex 3.4%, all excluding VAT. A flat R2.50 is charged on each daily payout. The agreement is month-to-month with one calendar month's written notice. iKhokha is a payment aggregator: merchants are sub-merchants under acquiring authority from Absa and Nedbank. Hellopeter reviews are mixed, with complaints focused on held payouts and account terminations.

Estimated annual cost at three realistic processing volumes, using iKhokha’s published online rate plus monthly fees. Real costs vary with average transaction size, chargeback rate, and any negotiated terms.

What iKhokha is

iKhokha is a South African payments company for small and medium businesses. It sells card machines that merchants buy outright, a tap-on-phone app, online payment tools, and add-ons such as cash advances, prepaid voucher sales and a business debit card. Its head office is at 1 Nokwe Avenue, Umhlanga Ridge, in KwaZulu-Natal. The company says it has more than 380 employees.

iKhokha was founded in 2012 by Matt Putman, Ramsay Daly and Clive Putman. The operating company, iKhokha Proprietary Limited, carries registration number 2012/067507/07, which matches that year. Matt Putman is the co-founder and CEO. When Nedbank announced its purchase in August 2025 it described iKhokha as processing more than R20 billion a year in digital payments, having advanced more than R3 billion in working capital to small businesses, and serving hundreds of thousands of entrepreneurs.

Ownership: a Nedbank subsidiary since late 2025

Nedbank Group agreed in August 2025 to buy 100% of iKhokha for about R1.65 billion in cash, subject to adjustments on completion. South Africa's Competition Tribunal approved the merger unconditionally on 18 November 2025. Nedbank's results for the six months to 30 June 2026 say iKhokha was consolidated from 1 December 2025 and that iKhokha card machines are now sold in Nedbank branches. The sellers were iKhokha's investors Apis Partners, Crossfin Holdings and the International Finance Corporation. Nedbank says iKhokha continues under its own brand and leadership team, with a management lock-in.

Why we list iKhokha as a payment facilitator

iKhokha is not a bank acquirer and not an ISO reselling a bank's merchant accounts. Its General Terms of Use say it has aggregation agreements with Absa Bank and Nedbank. Where it processes under that aggregator authority, the merchant is a sub-merchant, iKhokha settles payments directly to the merchant, and the merchant owes iKhokha the charges, refunds and chargebacks. The bank is a principal party to the agreement for Visa, Mastercard and UnionPay acceptance. iKhokha signs up the merchant, sets and publishes the price, runs onboarding and risk checks, and controls settlement. That is the payment facilitator model, which South African card rules call payment aggregation.

What it costs

As of October 2026 the pricing page on ikhokha.com, which serves South Africa only and prices in rand, lists the following. All transaction rates exclude VAT, which the page calls "the industry standard".

• In-person South African cards, by monthly volume: 2.75% up to R40,000; 2.65% from R40,000 to R60,000; 2.55% from R60,000 to R80,000; 2.5% from R80,000 to R100,000; custom pricing above R100,000. The rate calculator bases your tier on expected monthly earnings over three calendar months.
• Online South African cards (gateway, payment links, webstore): 2.85%.
• Instant EFT online: 2%.
• International cards, in person or online: 3.25%.
• American Express in person: 3.4%.
• Payout fee: R2.50 on each daily payout, whatever the amount.
• Hardware: iK Flyer R1,499; iK Flyer Lite R699 (listed down from R999); Tap on Phone free. No monthly rental. Optional SIM at R75 a month for unlimited data.

Add VAT at 15% to see what you actually pay: 2.75% becomes about 3.16%, 2.85% online becomes about 3.28%, and 3.25% international becomes about 3.74%. As an illustration, a shop taking R30,000 a month on its card machine on 22 trading days would pay R825 in transaction fees, about R124 in VAT on top, and R55 in payout fees, roughly R1,004 in total, or about 3.3% of card takings. The pricing page does not say whether VAT is added to the R2.50 payout fee.

The terms let iKhokha review its charges annually, with 30 days' written notice before an increase, and you may terminate if you disagree. Late payments of amounts you owe iKhokha attract interest at 2% a month, and there are administration fees for returned debit orders and processing errors, amounts not published on the pricing page. Clause 16.17, under the heading “Preferential Charges”, says pricing reverts to standard charges "as available from [please insert]", an unfinished drafting placeholder in the published terms. The iK Webstore product page calls the store free with no monthly fees, but clause 65.16.1 of the terms provides for a monthly iK Webstore subscription fee set in the Charges Schedule; check your own charges schedule before relying on it.

How it works

You sign up online with your email and mobile number, add personal and business details, and complete a face scan for identity checks. South African citizens need an ID and proof of address. You link a bank account during setup and link a card machine by emailing its serial number to iKhokha. Payouts start only once the profile is FICA-approved. The card machines run the iKhokha app, connect over Wi-Fi or mobile data, and accept Visa, Mastercard and American Express, plus Apple Pay and Google Pay; the iK Flyer takes tap, chip and swipe, and iKhokha describes the Flyer Lite as tap or insert. Tap on Phone needs a compatible NFC-enabled Android or Huawei phone.

Online, the iK Pay Gateway has ready-made plugins for Wix, WooCommerce, Shopstar and Savvy, and the iK Pay API covers custom sites. Payment links, a hosted iK Webstore, buy buttons and invoices are free to use and charged only per transaction. Online customers can pay with Visa or Mastercard, Instant EFT (provided through Ozow), Apple Pay or Google Pay, but not American Express or Diners Club.

Payouts

iKhokha says card payments reach a linked bank account in one to three business days. FNB and Absa customers are paid the next business day. Nedbank customers and users of the iK Debit Card, an iKhokha-branded card on a TymeBank EveryDay Account, are paid twice a day, same day. Each daily payout costs R2.50. Recent Hellopeter complaints describe delayed and split payouts, including one merchant whose weekend takings settled late without notice for the third time.

Contract, holds and termination

The merchant agreement is month-to-month and either party can end it with a full calendar month's written notice. There is no rental contract because the hardware is bought. Card machines can be returned within 30 days of delivery for a refund if they are in their original packaging. After that, note that each machine is cryptographically linked to your merchant number and the terms forbid reselling or transferring it, so it has no resale value if you leave.

The terms give iKhokha broad powers. It can reject applications, revoke accounts or stop you transacting without prior notice (clause 4.2), terminate immediately on written notice for risk reasons (2.6.1), withhold settlement if FICA documents are incomplete or you fail its onboarding risk assessment, and keep funds back for excessive chargebacks, fraud, suspected fraud or money laundering, or where you pose a risk to iKhokha or the bank. A chargeback ratio of 1% of transactions, or 2.5% by value, for two consecutive months allows immediate cancellation and withholding of disputed amounts. You earn no interest on funds iKhokha holds. Card-scheme fines caused by your non-compliance are passed on to you. The terms page we read carries no version date.

Reputation and complaints

On Hellopeter, South Africa's main review site, iKhokha had a TrustIndex of 8 out of 10 and an average of 3.7 stars from 234 reviews in the 12 months to October 2026, and 18,177 reviews in total. The 12-month ratings are polarised: about 63% five-star and 29% one-star. Hellopeter shows iKhokha replying to 99% of negative reviews. Negative reviews centre on payouts held for weeks during risk reviews, new accounts terminated within days on “risk appetite” grounds with no specific reason given, slow onboarding and device activation, unanswered escalations, and R75 monthly SIM charges that merchants say were not disclosed. Positive reviews mostly praise individual support agents. iKhokha's own site cites more than 16,676 five-star Hellopeter reviews, which is a cumulative figure. Trustpilot has only three reviews, too few to be meaningful.

We found no lawsuit, regulatory fine or enforcement action naming iKhokha. Support is by phone, email, WhatsApp and a chatbot. The FAQ gives hours of 08:00 to 19:30 on weekdays and 08:00 to 17:00 at weekends, although the pricing page lists 24/7 support.

Cash advances and other products

iK Cash Advance is provided by Retail Capital, a division of TymeBank, with iKhokha acting as its agent. Offers appear in the app for businesses that have traded for six consecutive months with at least R2,500 a month in turnover, and are repaid as a fixed percentage of daily card sales. The app shows the repayment percentage and total payable before you accept. iKhokha advertises funding of up to R1 million. As with any revenue-based advance, compare the total payable with the amount received rather than treating it like a loan's interest rate. Merchants can also sell airtime, data, electricity and gaming vouchers from the card machine, earning up to 2% per sale according to iKhokha.

Who it suits

iKhokha suits South African micro and small businesses that want a card machine they own, a published price that falls as they grow, and no rental or lock-in. It fits especially well for Nedbank, FNB and Absa customers, who get faster payouts. Businesses that take many small sales should model the R2.50 daily payout fee and VAT on top of the headline rate. Online sellers who need American Express should look elsewhere. Larger merchants above R100,000 a month should get iKhokha's custom quote in writing and compare it with a bank acquirer's. iKhokha serves South Africa only, and we found no offering aimed at high-risk industries.