Johannesburg, 13 October 2022

TymeBank has partnered with Khona La Local Stores to empower local businesses in Daveyton, Ekurhuleni with an affordable solution that makes it easy for customers to make cashless payments. TymeBank’s point-of-sale solution, TymePOS, is an app that turns any NFC-enabled cell phone into a tap-and-go payment device for debit and credit card payments.

Khona La is a chain of independently owned township based spaza shops, operating under the same brand name, which aims to transform the township and rural retail market by creating eco-systems that benefit store owners (Network Partners) and the communities they serve.

Local grocery shops benefit by saving time and money, buying collectively while being provided with necessary training and skills development. Through Khona La, consumer brands in the FMCG space can be part of a sustainable and socially responsible project that creates opportunities for other township-based value chain businesses such as bakkie owners for stock deliveries, while unemployed local youth could be used as brand marketers.

The partnership will help various store merchants in Daveyton set up TymeBank business accounts and start using TymePOS. The participating spaza shops will then be able to accept card payments (cashless transactions) for as little as R20, thanks to TymePOS. As part of this partnership, TymeBank has made brand new smart phones available to store owners for the trial period. All selected Khona La network partners will have an everyday business account set up so they can begin transacting right away.

Chief Commercial Officer at TymeBank, Cheslyn Jacobs says the digital bank believes in supporting local communities, especially independent owned community businesses. “What excites us about this partnership is the opportunity to help local entrepreneurs to transform their businesses by providing the latest technology. Spaza shops offer a valuable service to communities and their success can fuel much needed job creation in our townships. TymePOS is easy to set up, easy to use, offers next day settlement, monthly transactions reports and all this with no paperwork, making it a potential game changer for these businesses.”

Commenting on the initiative, Khona La Local Stores founder Mxolisi G. Buthelezi says: “This venture is a wise choice to boost the township's economy and further reveal untapped potential. Without cash, people in the townships sometimes suffer as they are forced to wait in long queues at ATMs or, worse, travel to shopping malls, using the little money they have to cover other costs like taxi fares. We are grateful to TymeBank for this relationship. Now people can just use their bank card khona la, around the corner, at their local store.” ENDS

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, having acquired well over 5.5 million customers since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, an internet and technology company based in China and CDC Group, the UK’s development finance institution and impact investor. Others include UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. For more information, please visit www.tymebank.co.za

About Ikusasalethu Youth Development Project

Ikusasalethu Youth Development Project (IYDP) was established in 2013 with the aim of responding to issues of youth development, poverty alleviation and creating sustainable solutions to combat unemployment.

Through counselling, mentoring and an intensive skills development programme, IYDP inspires the unemployed youth to be role models and agents of change by boosting their confidence, and equipping them with the right values, knowledge, and skills to maximize their potential and excel.

IYDP’s primary objective is to provide support for youth who are at risk, many of them victims of abuse, including substance abuse. The goal is to enable them to realise their dreams of getting skills that will propel them toward success.

The organisation was formally registered with the Department of Social Development as an NPO in 2017 and is funded by the Department of Social Development to empower unemployed youth with sustainable livelihoods in order to become economic active. It is also supported by the Small Enterprise Development Agency (SEDA) as well as the private sector.

Issued by Aprio on behalf of TymeBank

For media enquiries, please contact:

TymeBank

Pontsho Ramontsha 0724717357 or pontsho.ramontsha@tymedigital.com

Aprio Rio Matlhaku 082 907 7943 or rio@aprio.co.za