Digital bank TymeBank has partnered with Flash, a South African payments solutions provider, for TymeBank customers to withdraw cash at over 172 000 spaza shops and traders across the country.
According to TymeBank, with this partnership, it now offers more cash withdrawal options and locations than any other bank in South Africa.
“While TymeBank supports the country’s shift to a cashless society, the reality is that cash is still used extensively in our communities and the informal market,” says TymeBank chief strategy officer Greg Illgner.
“Flash provides an accessible, convenient and easy-to-use cash-out solution, which means TymeBank customers can withdraw cash from a convenient location, reducing time and money spent travelling. They also save on fees, as withdrawals cost less than they would at an ATM.”
Flash head of marketing Sarah Griffiths says: “Flash’s aim is to remove unnecessary barriers. Our technology simplifies operations so that business owners can focus on serving and growing their businesses, while providing a convenient service to their customers and communities. This partnership with TymeBank does exactly that.”
To withdraw cash, users need to generate a cash voucher via TymeBank’s USSD channel (*120*543#), which they can then cash out at over 172 000 Flash merchants nationwide.
It notes that all the Flash devices have been configured to accept the TymeBank Flash Cash voucher.
A R7 flat fee is applied and added to the withdrawal amount; ie, if a customer generates a R350 voucher, they will pay a total of R357 from their TymeBank EveryDay account.
The move comes as TymeBank is looking to expand its product offerings and services for consumers and commercial clients, as it transforms into a “full-service” bank.
The branchless bank recently told ITWeb TV that it has been consistently acquiring 150 000 customers each month, breaching the nine million customer mark.