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TymeBank welcomes up to 5,000 new customers every day

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TymeBank claims to have reached the 3 million customer mark, with the digital bank systematically integrating between 100,000 and 120,000 customers each month – between 3,000 and 5,000 new customers each day.

The bank, which only launched in February 2019, has no branch and its core banking technology platform is securely hosted in the cloud.

CEO Tauriq Keraan said, “Financial institutions need to be sensitive to consumer preferences. Bank customers are sensitive to costs that negatively impact their financial health, especially in these difficult times.

“They also want to know exactly what they’re paying for and TymeBank’s simple, transparent and affordable banking offering gives our 3 million customers what they want and need.

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“With a focus on reducing transaction costs and adding value to our customers, we can proudly say that we have enabled 100 million free transactions to date, which is timely given the current climate. This, along with the fact that we’ve never asked a customer to fill out any paperwork, saves our customers money and makes their banking experience quick and convenient, right from the start.

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“Additionally, clients earn up to 8% with our GoalSave product, which is the highest interest rate they can earn with immediate access to their savings and without any penalties.”

A key ingredient in TymeBank’s growth is its partnership with retailers Pick ‘n Pay and Boxer. Consumers register at the kiosk installed inside the store and can also deposit or withdraw money at any of the more than 14,000 Pick ‘n Pay and Boxer outlets across the country.

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The following information reflects the high-tech, high-touch model of TymeBank:

  • TymeBank has 700 kiosks in Pick ‘n Pay and Boxer stores across South Africa, staffed by ambassadors (service assistants) from local communities.
  • It takes less than five minutes to open a fully regulated bank account, online or at a TymeBank kiosk. No form to fill out, no supporting documents required.
  • The majority of accounts to date (85%) have been opened at kiosks, while 15% are opened online.
  • Over 100 million free transactions for customers to date.
  • Cash deposits at Pick ‘n Pay and Boxer stores average over R5 million per hour of trading.
  • Customers have deposited over R10 billion into their TymeBank accounts in the past six months.
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“TymeBank’s hybrid digital banking and physical point-of-service model is what sets us apart. In a country where banking fees and data costs are high, and digital and financial literacy levels are low, we have redesigned digital banking to make it accessible to all South Africans across the economic spectrum.

“While our technology enables exponential customer growth, our priority is to expand our offering to include innovative credit and insurance products as well as a variety of value-added services. We want to continue to expand access to banking services for the benefit of consumers nationwide, ”Keraan said.

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