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Motsepe’s TymeBank Leads Digital Banking Growth With 10.7M Customers

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TymeBank
TymeBank

TymeBank, a top digital bank, continues to outpace global peers in customer growth, reaching 10.7 million customers by 31 December 2024. The bank has seen steady monthly increases in income-generating transactions, with total deposits climbing to R6.9 billion, up from R6.3 billion in June 2024. Net advances also rose significantly, from R1.9 billion to R2.3 billion. TymeBank boasts one of the industry’s highest net promoter scores, underscoring its strong customer satisfaction.

The bank is owned by Patrice Motsepe’s African Rainbow Capital Investments.

Driven by technology, TymeBank is advancing toward sustainable monthly profitability while investing in long-term initiatives like AI and data analytics. These efforts aim to enhance customer experience, innovate products, and boost transaction activity. Although these investments may impact short-term profitability, they are vital for securing the bank’s competitive edge and ensuring long-term growth.

TymeBank has forged key partnerships with major retailers and fintech players, including TFG, Boxer, Pick n Pay, and Kazang. Following its successful Series D capital raise in December 2024, the bank is focused on expanding its lending portfolio to drive revenue. However, its valuation was adjusted downward by R324 million to reflect the Series D pricing.

With robust growth and strategic investments, TymeBank is well-positioned to maintain its leadership in digital banking.

GUGU LOURIE: TymeBank aims to become SA’s largest digital bank

A partnership with ZCC has been interrupted by Covid-19, but Capitec needs to watch out

 BL Premium
22 September 2021 – 18:45
by Gugu Lourie
Picture: SUPPLIED

Capitec Bank’s days of regarding itself as SA’s most prominent digital bank appear to be numbered.

Capitec seems to have reached its peak and other banks are catching up. This does not mean the queues at Capitec banks are a thing of the past.

Earlier this year, Capitec informed investors that retail clients using digital channels climbed by 28% to 8.6-million for the year ended February 28 2021. Capitec said it was the biggest digital bank in SA with active users of its app, USSD channel, or a combination of digital channels.

“We embraced innovation and digitalisation, and so did our clients, and the permanent benefits and cost savings are expected to flow in the coming years,” Gerrie Fourie, CEO of Capitec, explained at the time.

“Clients are now more than ever before motivated to use digital channels such as our new banking app as they are set to benefit from the lower transaction fees and zero-rated data charges.”

But a new challenger, TymeBank, is quietly positioning itself as the next big mass-market digital bank for SA.

The bank is 100% digital. It uses apps and online platforms to support its customers, rather than traditional physical branches. TymeBank is already making strides and has a real possibility of becoming SA’s biggest digital bank in a few months.

The Covid-19 pandemic may have thrown TymeBank’s plans off course. In February 2020, TymeBank — owned by billionaire Patrice Motsepe through JSE-listed African Rainbow Capital — announced a partnership with SA’s largest religious affiliation, the Zionist Christian Church (ZCC). There are about 12-million ZCC members.

The innovative partnership will see TymeBank become the financial services partner of choice for ZCC church members. If the plan goes ahead, the TymeBank bank card will double as a membership card for ZCC members.

The product will be supported using ZCM (Zion City Moria) branded portable kiosks staffed by the church’s in-house mobile digital services company, Zetnet. The development would propel TymeBank to the front of the race to be SA’s biggest digital bank.

As more South Africans get vaccinated, the better the chances that churches will resume normal services and gather huge numbers of the faithful. When that happens, TymeBank (Take Your Money Everywhere) will be available at ZCC churches.

Last week, TymeBank stated it had successfully onboarded 3.45-million customers in just over two years since launching.

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1 Comment

  1. Kevin on

    The article highlights TymeBank’s impressive achievement of reaching 10.7 million customers by the end of 2024, underscoring its position as a leader in digital banking. The bank’s strategic partnerships with major retailers like Pick n Pay and Boxer, combined with its investment in AI and data analytics, have been pivotal in enhancing customer experience and driving transaction activity. Despite short-term profitability challenges due to these investments, TymeBank’s focus on long-term growth and customer satisfaction positions it well for sustained success in the competitive digital banking landscape.

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