TymeBank, a digital bank that is owned by billionaire Patrice Motsepe, is targeting 12 million churchgoers of Zion Christian Church (ZCC) as clients.
African Rainbow Capital (ARC), which was founded by Motsepe, announced on Sunday that TymeBank has entered into a partnership with the Zion Christian Church (ZCC) to offer a banking proposition to its members.
TymeBank will offer ZCC members a membership card that also works like a debit card.
The ZCC is the largest African-initiated church in Southern Africa, with a membership of about 12 million.
“Some nine million ZCC members are based in South Africa,” said TymeBank.
ZCC members will also benefit through extra Smart Shopper rewards on Pick n Pay purchases; zero-rated data for SmartApp and internet banking; and security access control.
“The first phase of the partnership is a pilot, which will see a smaller group of ZCC elders taken through TymeBank’s innovative kiosk-based on-boarding process, supported by newly-recruited and trained Zetnet agents,” TymeBank says.
“The partners expect that large groups of church members will take up the proposition over the course of the year. Customers will be [on-boarded] at church members’ places of worship, which are located across South Africa.
“This includes major centres such as Soweto, Tshwane, and Alexandra, to smaller rural villages and at the large annual pilgrimages to Moria.”
The ZCC is the largest African church operating in Southern Africa.
The church was formed in the 1920s by Engenas Lekgananye and boasts what is estimated to be around 12 million members.
Most of the ZCC’s congregants reside in South Africa and make an annual pilgrimage up to Moria in Limpopo.
The deal is likely to make TymeBank more competitive and challenge Capitec Bank.
TymeBank is onboarding about 100 000 customers per month or between 20 000 and 30 000 customers each week.
Motsepe bought a majority stake in TymeBank in 2018.
In December, African Rainbow Capital said TymeBank’s customers have already deposited some R500 million in savings accounts with the bank and the average GoalSave balance per customer is R4500.
The most common transaction type has been card swipes which shows that customers enjoy earning smart shopper rewards.
Following this, cash deposits at till points in Pick n Pay