Digital bank TymeBank has joined forces with The Foschini Group (TFG), targeting the retailer’s 26 million customers in South Africa.
The 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.
The deal will see over 600 TFG- and TymeBank-branded kiosks installed in TFG stores, which the bank says will enable customers to have direct and convenient access to affordable transactional banking.
The kiosks, as well as the TymeBank app and other digital interfaces, will give TFG customers access to services such as electricity payments, money transfers and savings products.
The partnership is part of the bank’s model to join forces with retailers to acquire new customers and drive usage.
In March, the branchless bank said it reached the three million customer milestone, as the digital-only bank increased its kiosks at Pick n Pay and Boxer stores across SA to 700.
TymeBank currently has just over 3.8 million customers, with an average 110 000 customers on-boarded each month.
“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,” says TymeBank CEO Tauriq Keraan.
“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 says: “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.”
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