TymeBank signs 3 millionth customer to reach a new milestone amid Covid crisis

Business

Johannesburg – Digital retail bank TymeBank has reached the landmark 3 million customer milestone amid the challenging Covid-19 crisis, and says it will power on to expand future offerings that will include insurance and value-added services.

TymeBank, which was launched in 2019, said its lower fees were a compelling proposition for consumers, with onboarding customers of between 100 000 and 120 000 each month and 3 000 and 5 000 new customers every day.

Although the bank entered into a deal with the Zionist Christian Church in February last year to onboard a large proportion of the church’s 9 million member base, the initiative has largely been postponed due to the impact of the Covid-19 pandemic and would gain momentum once Covid-19 preventative measures were relaxed.

The digital bank has 700 kiosks at retailer Pick n Pay and Boxer stores across South Africa.

TymeBank, whose majority shareholder is Patrice Motsepe’s African Rainbow Capital (ARC), a black-owned investment company, continues to to muscle into a sector dominated by the big four – Absa, FirstRand, Nedbank and Standard Bank – as well as Capitec. The launch of Bank Zero, created by former First National Bank executives, has been delayed by Covid-19, with plans to open this year.

“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.”

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