Digital bank TymeBank disclosed on Friday that it is sustaining the momentum of acquiring about 130 000 customers per month.
African Rainbow Capital (ARC) said in an update to investors that TymeBank is also making headway in increasing the number of customers with active accounts, which has proved
to be challenging, given the tough economic environment with added pressure on consumers.
Internationally, TymeBank’s fellow subsidiary company, Tyme Global, based in Singapore, is set to launch a digital bank called GOtyme in the Philippines in October 2022 with its local partners, the Gokongwei family, added ARC.
In May 2022, TymeBank announced that, given its international growth strategy, it had decided to assign its CEO Tauriq Keraan to a new international executive role and had contracted Coenraad Jonker, a founding member of TymeBank and Executive Chairman of Tyme Global, based in Singapore, to take up the role of CEO of TymeBank. This change in leadership has been approved by the Prudential Authority of the SA Reserve Bank.
ARC also said the transaction to divest from Metrofibre has been completed following recent approval by the industry regulator.
The ARC Fund disposed of its Metrofibre investment for a total consideration of
R275 million, realising an overall gain of R37 million.
An amount of R244 million of the consideration was received in April 2022, with the remaining R31 million being receivable in June 2022.