TymeBank Is An Exclusive Digital Bank Headquartered In South Africa, Targeting The Low-income Market.
Digital Bank
Headquartered In Rosebank, Johannesburg, TymeBank Does Not Have Any Physical Bank Branches. It Relies On The Android Banking App And Online Banking Website, As Well As Partnerships With Two Retail Chains, Pick N Pay And Boxer, To Host A Nationwide Network Of Self-service Kiosks To Facilitate The Account Opening Process
The Prudential Authority Of The South African Reserve Bank (SARB) Granted TymeBank An Exclusive Online Operating License On September 28, 2017.
Cloud Banking
TymeBank Is The First Bank In South Africa To Place Its Core Banking Platform In The Cloud. 85% Of TymeBank's Systems Are AWS Cloud Applications That Provide System Scalability, Unified Security And Cost-effectiveness. TymeBank's Use Of Technology And Strategic Relationship With Pick N Pay And Boxer Stores Has Eliminated The Need For Physical Branches. Reduced Operational Costs And A Nationwide Presence Of Retail Stores Have Removed Barriers That Traditionally Prevented Estimated 11 Million Unbanked South Africans From Accessing Banking Services.
History
"tyme" (Take Your Money Everywhere) * The Person Who Receives Money From Time Bank. The Project Was Originally Developed As Part Of The Deloitte Consulting Project, Which Was Funded By Telecommunications Provider MTN Group. In June 2012, It Went On To Become An Independent Business. In 2015, The Commonwealth Bank Of Australia (CBA) Acquired 100% Of Tyme And Renamed Commonwealth Bank SA's Operations To TymeDigital. On September 28, 2017, TymeDigital Received An Operating License From The South African Reserve Bank (SARB). This Is The First Full Banking License Issued By The SARB Since 1999.
In 2018, Financial Services Company ARC Imali-Madi (RF) Acquired A 10% Stake In TymeDigital. On November 5, 2018, African Rainbow Capital Financial Services Holdings, Owned By South African Entrepreneur Patrice Motsepe, Received Approval From The South African Reserve Bank To Acquire A 90% Majority Stake In CBSA. In November 2018, CommonwealthBank SA Changed The Company Name From TymeDigital To Tyme Bank Limited.
TymeBank Practices Run On November 5, 2018, Allowing Consumers To Open Basic Transactional Bank Accounts At Pick N Pay Stores As Well As A Limited Number Of Self-service End Points Online.
Ownership
On June 10, 2019, African Rainbow Capital (ARC) And Ethos Private Equity Jointly Announced That The Ethos Artificial Intelligence (AI) Fund And Co-investors (the Common Ethos AI Fund) Have Invested Rand 200 Million In Tyme Bank Holdings. The Transaction Is Subject To All Prerequisites Being Met.
Ethos AI Fund's Investment In TymeBank Will Result In The Fund Becoming An 8% Shareholder In The Bank.
ARC Announced In December 2021 That Tencent And CDC Group Have Become Shareholders In TymeBank. The Financing Is Expected To Support TymeBank's Emerging Market Expansion
Business Model And Milestones
TymeBank Offers Transaction Accounts, Money Transfer Services, Savings Accounts And Education Applications. There Are Plans To Introduce Credit Cards, Unsecured Loans And Loans To Small And Medium-sized Enterprises (SMEs).
On August 7, 2019, TymeBank Appointed Tauriq Keraan As Its New CEO. As Of November 28, 2019, The Bank Has Signed 1 Million Customers. As Of The End Of October 2021, TymeBank Has 4 Million Customers And Announced Partnerships With TFG And Zion Christian Church
