South Africa’s first fully digital bank TymeBank is adding up to 3, 500 customers a day as it leverages the use of digital biometric technology to make banking simple and affordable.
The bank, which is backed by billionaire Patrice Motsepe, has on-boarded 500 000 customers as at 30 June 2019.
TymeBank is owned by African Rainbow Capital (ARC) Financial Services Holdings, a company within Motsepe’s Ubuntu-Botho Investments stable.
African Rainbow Capital said on Thursday in a statement that the bank is signing up between 3 000 and 3 500 customers per day, with about 40% of bank accounts being active.
“The bank is well-positioned within the SA banking sector to implement its unique low-cost banking fee model as well as customer experience value propositions,” said African Rainbow Capital.
“In addition, the technology which is owned by TymeGlobal is transferable to other jurisdictions and is already being used in 3 countries.”
The progress to date, combined with the additional capital that has been injected, results in a fair value of R1.32 billion in ARC FinHoldCo at 30 June 2019 and thus R674 million for the ARC Fund, said African Rainbow Capital.
The competes for new customers with Discovery Bank, Michael Jordan’s Bank Zero, Bidvest Bank, and the big five banks – Absa, FNB, Standard Bank, Nedbank and Capitec.