Although the bank only soft-launched at the end of 2018, TymeBank has already signed up 50 000 customers. This is according to Business Tech, who heard from the company’s CEO, Sandile Shabalala, at the BusinessTech Digital Banking Conference on Wednesday.
Shabalala says that the new digital banking group is looking to radically change the way South Africans access banking services in the country – and has run its first full store activation in preparation for its official launch.
The bank’s soft-launch involved placing the group’s kiosks in selected areas. The bank operates on a partnership model with Pick n Pay and Boxer stores in South Africa. This provides an easy-to-access physical point of presence for customers in places they frequent.
The partnership gives the bank 750 points of presence through the retailers’ networks, and access to 10 000 cash till points. According to BusinessTech, this gives the bank access to an extensive network without having to spend a cent on building its own infrastructure