TymeBank, the digital bank majority owned by South African billionaire Patrice Motsepe’s African Rainbow Capital, has confirmed that it has reached the 10 million customers milestone.
TymeBank has managed to hit this 10 million mark, just less than six years since its inception in 2019, earning the title of South Africa’s fastest growing bank in 2024.
The digital bank added that it has close to R7 billion in customer deposits and has disbursed more than R12 billion to over 80,000 small businesses in South Africa.
TymeBank has attributed its growth to its integration of digital banking services with physical retail outlets through partnerships with Pick n Pay, Boxer, and more recently TFG, saying it has allowed it to enhance its distribution network.
The bank is also praised for its easy and user-friendly process of opening a bank account on your mobile device from the comfort of your home, coupled with its low bank fees and no monthly fee or mandatory minimum balances.
It has however mentioned that the bank’s immediate priorities include a new banking app to attract a more affluent customer segment, while broadening its offering through more strategic partnerships.
Additionally, it has expanded into the consumer lending sector and makes use of AI tools to assess a customer's creditworthiness by tracking trends like grocery spending.
TymeBank entered the Philippine market in 2022 through its sister company GoTyme, and the Vietnam market earlier this year. It will also expand to Indonesia in October.
IOL