For years, buying a Showmax subscription was as simple as opening your banking app, tapping a few buttons, and watching the voucher code arrive in your inbox. It was convenience baked into the daily routine of millions of South Africansa seamless connection between their money and their entertainment. That era is quietly coming to an end.
At least four of the country’s largest banksCapitec, Discovery Bank, FNB, and Absaare discontinuing Showmax vouchers on their platforms. The reason is simple: the service itself is shutting down. But the ripple effects reveal something deeper about the relationship between South Africa’s financial institutions and the streaming revolution that transformed how we watch television.
The Showmax Shutdown: What Happened
Earlier in March, Canal+, the French media giant that now owns MultiChoice, confirmed what industry insiders had long suspected: Showmax was being shut down. The streaming service, once touted as MultiChoice’s great hope for future growth, had become what Canal+ itself described as an “expensive failure.”
The numbers tell a brutal story. Showmax’s trading losses ballooned from R1.2 billion in 2023 to R2.6 billion in 2024, then exploded to R4.9 billion in 2025. Revenue plunged from R1.023 billion in 2024 to just R753 million in 2025. The ambitious target of reaching 16 million subscribers and $1 billion in annual revenue by 2028 had become a fantasy.
Canal+ was blunt in its assessment. “The decision to phase out Showmax reflects our focus on building a sustainable, competitive business for the long term in an increasingly demanding global streaming environment,” the company said in a recent briefing on its 2025 annual financial results.
For South African consumers, the announcement meant one thing: a service they had integrated into their monthly entertainment budgets was about to disappear.
The Bank Response: Removing Vouchers
The banks responded with characteristic efficiency. Capitec led the way, announcing it had completely stopped selling Showmax vouchers due to the service’s impending discontinuation. In a recent Showmax update post on its website, the bank confirmed that customers who had already purchased vouchers could still use them, though the final shutdown date remained unconfirmed.
Capitec’s relationship with Showmax had been particularly close. Customers could buy vouchers at 50% of their normal price thanks to a partnership between the bank and MultiChoicea significant discount that made the service even more attractive to budget-conscious consumers.
Discovery Bank moved quickly as well, sending notifications to customers that it was discontinuing 3-month and 6-month Showmax vouchers with immediate effect. The bank will continue offering 1-month vouchers until 31 March 2026, providing a brief window for customers to maintain their subscriptions before the service ends.
“1-month Showmax vouchers will remain available for purchase on the Discovery Bank app until 31 March 2026,” the bank confirmed. “As this chapter comes to a close, we’re excited to expand our voucher offering with new options that continue to add value. More to come soon.”
Discovery had only added MultiChoice to its rewards partners in late 2025, allowing subscribers to earn up to R400 in Discovery Miles when paying DStv subscriptions. That partnership now faces an uncertain future.
FNB and Absa have been quieter in their response. Neither has issued formal notifications to customers, but both have removed vouchers with validity beyond one month from their mobile apps. The change is subtle but significanta quiet acknowledgment that the Showmax chapter is closing.
For FNB customers, the change affects more than just access. Buying vouchers on the app earns points that help climb eBucks Rewards levels. For Absa customers, the impact is financial: the bank offers up to 30% cash back on voucher purchases, based on Absa Rewards level, on the first R3,000 of vouchers purchased per month. That cashback incentive now has one less option.
The Customer Impact: What Existing Vouchers Mean
For customers who have already purchased Showmax vouchers, the message from all banks is consistent: they remain valid until the service officially shuts down. The final date has not yet been confirmed, giving existing subscribers a grace period to use what they’ve already paid for.
Canal+ has promised clear communication. “Showmax subscribers are a priority for us, and we are working on plans to ensure clear communication and a smooth transition when the time comes,” the company said.
The Bigger Picture: Streaming’s Shifting Sands
The Showmax story is part of a larger narrative playing out globally. The streaming gold rush that began in the 2010s has given way to a period of consolidation, cost-cutting, and strategic retreat. Services that once seemed unstoppable are now being scaled back or shut down entirely as parent companies reassess the economics of direct-to-consumer streaming.
MultiChoice had pinned its hopes on Showmax to reverse the impact of declining revenue and subscribers on its conventional DStv satellite service. In partnership with Comcast’s NBCUniversal, it poured billions of rand into redeveloping and relaunching the service in 2024. Former MultiChoice CEO Calvo Mawela and former Showmax chief executive Yolisa Phaale had told investors the service would be a future growth engine.
The reality proved different. Trading losses increased every year. Subscriber numbers, though never officially disclosed, were widely estimated to be well below target. The inclusion of Showmax with DStv’s top-end Premium package meant many subscribers might never have actively purchased the product at all.
What Comes Next for Banks and Streaming
For the banks, the disappearance of Showmax vouchers creates a gap in their digital offerings. Vouchers have become an integral part of the banking app ecosystema way to keep customers engaged, earn rewards points, and provide convenient access to everyday services.
Discovery Bank’s promise of “new options that continue to add value” hints at what’s coming. Other streaming services, gaming platforms, and digital entertainment providers will likely fill the space Showmax leaves behind. Netflix, Amazon Prime Video, Apple TV+, and local competitors like DStv’s own streaming offerings could become more prominent in banking app voucher sections.
The partnership model between banks and entertainment providers isn’t going away. It’s simply evolving. The question is which services will step forward to claim the space Showmax once occupied.
The Lessons Learned
Showmax’s failure offers lessons for both the streaming industry and the financial institutions that partnered with it. For streaming services, it’s a reminder that subscriber growth alone doesn’t guarantee sustainability. The economics of content production, licensing, and platform development are brutal, and even well-funded services can fail.
For banks, it’s a reminder that partnerships with external service providers carry risk. When those services fail, the bank’s customers are affected. The convenience of integrated voucher purchasing cuts both ways: it makes life easier when the service is healthy, and creates confusion when it isn’t.
The Final Months
For now, Showmax continues to operate. Customers with existing vouchers can still use them. The 1-month vouchers remain available through Discovery Bank until the end of March. Canal+ has promised advance notice of the final shutdown date.
But the end is coming. And as it approaches, the banks that once embraced Showmax as a valuable partner are quietly moving on. The vouchers are disappearing. The app sections are being reconfigured. The partnerships are being unwound.
It’s the quiet, orderly end of an eraone voucher at a time.
