TymeBank targets 4 million customer base

Business

Johannesburg – TymeBank anticipates hitting the 4 million customer mark in the next 12 months if the digital retail bank maintains its growth momentum of onboarding between 100 000 and 120 000 clients a month.

TymeBank, launched in February 2019, reached the 3 million mark in customers at the end of last month despite a challenging environment due to the Covid-19 pandemic.

However, chief executive Tauriq Keeran said in an interview that they did not have a specified time frame for reaching the 4 million target.

“Our focus is on ensuring that our customers are experiencing excellent service from us as well as on meeting their broader financial services needs by carefully curating and distributing a selected set of new products.

“But should the bank maintain its growth rate of onboarding just over 100 000 clients per month, we can expect the bank to achieve 3.5 million customers by early September and then the 4 million customer mark in about 12 months from now,” said Keeran.

The bank wants to broaden its offering to include innovative credit and insurance products as well as different value-added services in the future.

Keeran said it was crucial for the bank to enter the lending and insurance markets carefully and responsibly.

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