GoTyme Bank has surpassed four million downloads of its new banking app, as it phases out its legacy digital banking platforms in favour of an app-first strategy.
In a statement, the bank says the new app, launched in February, is seeing increasing customer adoption as it migrates customers away from its internet banking platform.
From 27 July, GoTyme Bank's internet banking platform has been discontinued, while the old TymeBank app will be retired in the coming weeks, according to the bank.
Customers are being encouraged to use the new app as their primary banking channel.
"More than four million app downloads is a powerful vote of confidence from South Africans," says Marin Cundall, managing executive for digital experience at GoTyme Bank.
"It validates our belief that customers want a banking experience that is simpler, safer and designed around their needs. Every download represents a customer choosing GoTyme Bank and embracing our vision of banking as it should be."
According to the bank, several services are now available through the new GoTyme Bank app, including Lotto purchases, electricity, airtime and data purchases, bank statement requests and proof of bank account requests.
The app includes features such as GoalSave, which allows customers to earn up to 10% interest on savings, free PayShap payments of up to R5 000 per transaction, enhanced card controls, and a free Visa virtual card for local and international purchases.
Customers access the platform using biometric verification after downloading the app.
The bank notes that customers do not need to open a new account to use the app. Existing customers can log in using their current credentials, while retaining the same bank card, account number and account balance.
"The message to customers is simple: your account stays the same, your money stays safe, and the new GoTyme Bank app gives you more features, more controls and greater simplicity to manage your money with confidence and ease," adds Cundall.
"We encourage customers who are still using internet banking or the old TymeBank app to switch now and get comfortable with the new app before these legacy platforms are discontinued."
The introduction of the new app comes as the digital player introduced a new strategy after rebranding from TymeBank to GoTyme Bank, marking the next step as part of the global Tyme Group.
The name change came after TymeBank, which now serves over 13 million customers, became the first digital bank to make a profit in SA and on the continent, after reaching its first month of profitability in December 2023.
The company says the GoTyme Bank brand reflects its alignment with global banking trends and its focus on digital banking services, while customer services and operations remain unchanged.
“This is not a change to our fundamentals. It’s the same bank, built on the same licence and principles, now expressed through a brand and platform that better reflects our scale, technology and ambition,” it says.
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