TymeBank surpasses the 3m customer mark

Source: ITWeb

TymeBank has reached the three-million customer milestone, as the digital-only bank increases its kiosks at Pick n Pay and Boxer stores across SA to 700.

Having launched in February 2019, TymeBank bills itself as one of the world’s fastest-growing digital banks across the globe, on-boarding between 100 000 and 120 000 customers each month – between 3 000 and 5 000 new customers every day.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital with UK-based Apis Growth Fund II, a fintech private equity fund based in the UK; JG Summit Holdings, a Philippines-based conglomerate owned by the Gokongwei family; and the Ethos AI Fund.

The branchless bank attributes its milestone to its core banking technology platform, hosted securely in the cloud, as well as its no monthly banking fees model and lower transaction fees.

TymeBank CEO Tauriq Keraan comments: “Financial institutions need to be responsive to consumer preferences. Banking customers are sensitive to costs impacting adversely on their financial health, particularly in these tough times. They also want to know exactly what they’re paying for and TymeBank’s simple, transparent, affordable banking offering is giving our three million customers what they want and need.

“Over the last year, we have added an average of four new features monthly to our customer interfaces, including extending our app availability, upgrading our Web site and enabling e-commerce locally and internationally to cater for customer behaviour during COVID-19.”

TymeBank’s partnership with Pick n Pay and Boxer allows consumers to sign up at the kiosks fitted inside their stores, and make deposits or withdraw money at any of the over 14 000 Pick n Pay and Boxer till points across the country.

According to the bank, the majority of accounts to date (85%) have been opened at kiosks, while 15% were opened online. Customers have also deposited more than R10 billion into their TymeBank accounts in the past six months, it notes.

In February, TymeBank secured R1.6 billion in funding from Apis Growth Fund II and JG Summit Holdings, which it said would be used to expand the bank’s range of banking products, grow its lending portfolio locally, and channelled towards funding offshore expansion opportunities.

The bank says it is looking to introduce new credit offerings and insurance products in the near future.

The lending portfolio will entail a credit facility, among other loan solutions, which will allow customers to ‘buy now and pay later’ for goods – enabled by the bank’s future partnerships with merchants across the country.

The credit facility, according to the bank, will be based on a TymeBank credit card, which will provide customers with access to SA’s shopping network, built on the bank’s partnership with third-parties.

The bank is also looking at expanding its insurance offerings after signing a bancassurance deal with Hollard last year, to offer customers funeral policy plans without any paperwork.


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