TymeGlobal is proud to announce that its first Tyme-powered digital bank – TymeBank in South Africa – has opened bank accounts for 1 million customers in its first 10 months of operations, a landmark achievement placing Tyme squarely as a leader in the digital bank community globally.
TymeBank is South Africa’s first digital bank, focused on bringing simple, responsible and efficient banking to South Africa’s under-served mass market. Like other digital banks, Tyme has no branches and its full banking technology stack is hosted securely in the Cloud. But Tyme offers a unique high-touch, high-tech element with its TymeKiosks that open a full eKYC approved bank account in three minutes, considered the company’s secret sauce to customer onboarding and engagement.
Leveraging partnerships with the most trusted retail chains in South Africa, Tyme through its Kiosks, incorporates digitized in-store customer experiences and engagement in the retail environment. Customers, using these Kiosks, can open full bank accounts using only their fingerprint and receive a personalized Visa debit card on the spot, and then immediately transact using retail partners’ cash register tills for cash-in, cash-out and money transfer. Bucking the digital app-only trend, 84% of Tyme’s one million customers opened their account through the Kiosk, showing that touch remains an important element of customer engagement.
“We are thrilled to see the tremendous response to TymeBank in South Africa,” said Coen Jonker, Co-Founder and CEO of TymeGlobal. “Our vision is simple – provide financial services that help people embrace their human potential. At Tyme, we are driven by the conviction that broadening economic participation is the foundation for human growth. Digital technologies today offer us a perfect window to reinvent banking for the underbanked and underserved.”
About Tyme Global
TymeGlobal, the technology company behind the TymeBank in South Africa, co-invests with local financial institutions to establish next-gen digital banks in emerging markets in Asia, Middle East, and Africa. Tyme brings in capital, talent and our best-in-class technological capabilities, credit decisioning algorithms and scoring, digital financial literacy tools to open financial access and education to mass market and underserved segments. To date, the Tyme solutions are regulator-tested in South Africa, Indonesia, New Zealand and Egypt.
About Tyme Bank
TymeBank is South Africa’s first digital bank with majority shareholder African Rainbow Capital, a fully black-owned and controlled investment company, making TymeBank the first majority black-owned retail bank in South Africa. Our business is designed and run around three key principles. We believe that every South African has the right to accessible and affordable banking so that they can take part in, grow and benefit from the country’s economy. We believe in the potential of people in this country. We have designed our products, services and tools to help individuals, businesses and communities achieve everything we know they’re capable of. We constantly look for ways to empower South Africans to take back control of their money. By helping them understand how money really works and giving them a transparent view of their own financial situation, we make it easier for our customers to make decisions today that translate into a secure financial future.