- Four million customers since launch in February 2019
- Last million achieved in record time
- Acceleration in customer growth as offering expands to meet the broader needs of South Africans
- Continuous expansion of products and features has seen increased appeal - especially amongst middle-income customers
Johannesburg 4 November 2021: TymeBank, one of the world’s fastest growing digital banks, announced today that it has onboarded four million customers as at the end of October, which means that one in every ten South Africans who are eligible* to open a bank account, now have a TymeBank account.
In addition, TymeBank is experiencing an acceleration in its customer acquisition rate, with some 140 000 customers being onboarded monthly as opposed to about 110 000 previously. The acceleration in customers signing up for TymeBank bank accounts comes at a time when consumers are demanding more value as well as increased transparency in banking fees.
Commenting on the latest milestone, TymeBank CEO Tauriq Keraan says: “We are pleased to have achieved a four-million customer base within about 32 months. We’ve expanded our offering and enhanced product functionality to ensure we can give customers everything they need in a single banking account, while empowering them to pay nothing – or next to nothing - on banking fees, depending on their banking behaviour. The acceleration in customer growth tells us we’re on the right track.”
Most new TymeBank accounts are opened at kiosks, and just under 20% of new bank accounts are now opened online, up from 15% since April this year.
“TymeBank’s hybrid model of digital banking and physical service points is what sets us apart, which is why more than 80% of accounts are opened at our instore kiosks. That said, we’re seeing more customers making use of our digital channels, which is in line with the rapid growth in digital adoption among ordinary South Africans, largely driven by the Covid-19 pandemic as well as increasing trust and confidence in digital banking,” says Keraan.
TymeBank’s partnership model with two retailers, Pick n Pay and Boxer, has been an integral part of its strategy to acquire customers and drive usage and has significantly contributed to the bank’s success since its February 2019 launch.
In line with the bank’s intent to diversify its current customer profile to include more customers from the middle and upper middle-income groups, on 5 October TymeBank announced a strategic partnership with TFG (The Foschini Group), a leading fashion retailer with more than 26 million loyalty customers, to meet the evolving financial services needs of consumers in the TFG ecosystem.
“As TymeBank management, we are proud of what the bank has achieved in the last 32 months. We have four million customers, strategic partnerships with three South African retail giants as well as the Zion Christian Church and have attracted significant investments from major international investors. We’re poised for further growth and there’s an exciting future ahead,” says Keraan.
* To open a TymeBank account, customers need to be 16 years or older.
Notes to Editors
Key features of TymeBank’s offering
TymeBank offers a zero monthly fee transactional account to consumers from the age of 16* and sole proprietors. Features available on this account include a money transfer service, a free GoalSave tool, as well as MoreTyme™, the bank’s interest-free buy now pay later product. The GoalSave tool allows customers to open up to 10 savings pockets, earning a maximum interest rate of 8% per annum, with the option to access the money immediately. An affordable medical insurance offering is already live and a credit card is close to being launched.
TymeBank is currently one of the world’s fastest-growing digital banks, with more than 4 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.
TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Other shareholders include UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.
TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised R1.6 billion, which is being deployed to enable growth both locally in South Africa and in the Philippines.
Issued by Aprio on behalf of TymeBank
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