TymeBank ready for launch

Read time 1min 30sec
TymeBank is one of three South African digital banks set to shake-up the retail banking industry.
TymeBank is one of three South African digital banks set to shake-up the retail banking industry.

TymeBank will go live in 500 Pick n Pay and Boxer stores next week in preparation for the formal launch later this month.

In November 2018, TymeBank, which bills itself as SA's first digital-only bank, had its soft launch, notching up 4 600 clients in the first three weeks.

The Johannesburg-based bank does not have any banking branches and relies solely on digital means (mobile app and Web site), and kiosks. The bank offers typical transitional services, allowing customers to earn discounts and rewards when they use their debit card at partner retailers.

In a statement, TymeBank says starting next week, customers will be able to open a fully FICA compliant bank account at the Pick n Pay and Boxer stores.

TymeBank kiosks in the stores are equipped with real-time biometric recognition; therefore customers will not be required to supply an ID document or any other paperwork to open an account, adds the statement.

Richard van Rensburg, Pick n Pay deputy CEO, says the company has, for many years, been exploring ways to help make banking more accessible and convenient.

According to Van Rensburg, Pick n Pay is pleased to be partnering with TymeBank. "The advent of a digital banking model is fundamentally changing the nature of banking across the world and it's nice to see South Africa at the forefront of this innovation.

"Digital banking is good news for customers and our economy, as banking services will become more accessible to everyone."

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