Johannesburg 5 October 2021 – TymeBank, one of the world’s fastest-growing digital banks, is pleased to announce it has entered into a strategic partnership with leading retail giant TFG (The Foschini Group) that will see the introduction of TymeBank financial products and services both instore and on digital platforms for the benefit of TFG’s more than 26 million customers in South Africa.
TymeBank CEO Tauriq Keraan commented: “TFG houses some of South Africa’s most popular and well-established consumer brands and is renowned for its retail strength and strong customer focus. We couldn’t be more excited with our strategic partnership as we look to expand our reach. Furthermore, we are likely to diversify the current TymeBank customer profile as we further extend the benefits of affordable banking as well as a superior banking experience to the middle and upper-middle market segments.”
TFG CEO Anthony Thunström commented: “We are truly excited about this partnership with TymeBank, as they are recognised as one of the fastest growing digital banks globally. The bank has deep expertise in managing a digital ecosystem platform plus related products and services and I believe TFG’s customers will benefit from an enhanced shopping experience.”
The partnership is expected to deliver the following customer benefits:
- TFG customers will benefit from TymeBank’s ‘Buy Now Pay Later’ product MoreTyme™, providing an alternative payment option which is interest free over a three-month period.
- Over 600 TFG / TymeBank branded kiosks will be located in TFG stores enabling customers to have direct and convenient access to highly affordable transactional banking and highly competitive savings rates. This will include the launch of a TFG/ TymeBank branded debit card.
- The kiosk, as well as the TymeBank app and other digital interfaces will give TFG customers access to services such as electricity payments, money transfer and savings products, thereby allowing customers to shop and transact at the same time.
- This partnership will allow a full range of financial products and services to be developed, including an extended range of insurance products and term loan products which will be made available for TFG customers.
MoreTyme™ will be rolled out first in Jet Stores in November, followed by a rollout across all TFG stores during the course of 2022.
Specifically developed to make purchases more affordable for consumers, MoreTyme™ makes it possible to purchase items from participating merchants but only pay half of the amount at the time of purchase and still take the item home on the same day. The balance of the purchase is payable over the following two months, interest-free.
TymeBank’s partnership model with retailers, which has been an integral part of its strategy to acquire customers and drive usage, has significantly contributed to the bank’s success since its February 2019 launch. TymeBank currently has just over 3.8 million customers, with an average 110 000 customers onboarded each month.
Now with the new TFG partnership, which would see TymeBank kiosks being located inside stores operated under the various TFG brands, customer acquisition is expected to be boosted. TFG customers will benefit from a cost-effective banking solution, as TymeBank’s bank account fees are the lowest in the market.
The partnership is subject to regulatory approvals where applicable.
For further information or interviews contact:
- Cecilia Pinto Taylor - firstname.lastname@example.org
- Fundiswa Mbuqe - Fundiswa.Mbuqe@TymeDigital.com
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 from 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.
TymeBank is currently one of the world’s fastest-growing digital banks, with 3.8 million customers. 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.
With 29 retail brands that trade in fashion, value, jewellery, accessories, sporting apparel, cellular, homeware and furniture, TFG is one of the leading retail groups in South Africa. Besides South Africa, TFG Africa also has a presence in Botswana, Zambia, Namibia, Lesotho and Eswatini through various retail brands.
TFG first entered the UK market through the acquisition of the premium womenswear brand Phase Eight in 2015, followed by the acquisition of Whistles in 2016 and Hobbs in 2017. TFG’s presence in the Australian market was strengthened through its acquisition in July 2017 of Retail Apparel Group Pty Ltd (RAG), a leading Australian menswear apparel retailer. TFG’s vision is to create the most remarkable omnichannel experiences for their customers. TFG has over 4 300 outlets in 26 countries and employs more than 34 800 people with over 26.4 million customers (RSA).