South African fintech Ozow today announced the expansion of its PayShap Request offering, with the addition of TymeBank as its second sponsor bank.
With PayShap Request, the ShapID enables users to send or receive payment requests without needing to input full bank account numbers. On receiving a request, recipients are notified – typically via their banking app – and can approve the transaction instantly. Funds are then transferred in real-time.
Ozow says the service eliminates the need for card details, app downloads or banking credentials.
Rachel Cowan, interim CEO of Ozow, said: "Our collaboration with TymeBank marks a significant milestone in our commitment to driving financial inclusion and innovation. Our experience since launching PayShap Request in July has given us invaluable live data and insights,” she says.
“We are actively using this information to work with ecosystem players, including banks and regulators, to drive enhancements and ensure a seamless, secure and accessible transactional method for all South Africans. The support of a digital-first, high-growth bank like TymeBank is a powerful endorsement of this approach,” she says.
The move supports the national objective of modernising SA’s payment system, a key pillar of the South African Reserve Bank’s Payment Ecosystem Modernisation programme, says Ozow. By bringing a second sponsor bank into its network, it is enhancing the resilience and accessibility of instant payments for both businesses and consumers.
Speaking to ITWeb last month, Cowan said PayShap has registered about 4.5 million ShapIDs – around 8% of SA’s adult population – signalling growing momentum and a significant opportunity for accelerated adoption.
Ozow says the addition of TymeBank as a sponsor bank builds on Ozow's first-mover advantage in enabling PayShap Request for merchants in July 2025.
The fintech says it is strengthening its leadership in account-to-account payments in South Africa via PayShap Request, supporting a more connected and inclusive digital economy.
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