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    Home»Startups»TymeBank Reaches Crucial Milestone, Secures R7 Billion in Deposits
    Startups

    TymeBank Reaches Crucial Milestone, Secures R7 Billion in Deposits

    Samuel IgeBy Samuel IgeOctober 2, 2024Updated:October 2, 2024No Comments3 Mins Read
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    TymeBank’s cashless transactions makes it fastest growing bank

    TymeBank has solidified its status as Africa’s first digital bank to achieve profitability as it has now surpassed 10 million customers in less than six years after it kick-started operations in 2019. Last week, TymeBank stated it had successfully onboarded 3.45-million customers in just over two years since launching.

    The bank now holds close to R7 billion in customer deposits, making it the fastest-growing bank in South Africa in terms of deposits for 2024, leaving the country’s ‘Big Five’ banks in the dust.

    More than $600 million (R12 billion) has been disbursed to over 80,000 small businesses in South Africa, bolstered by the acquisition of Retail Capital, a fintech company that provides funding to SMEs. This acquisition has proven crucial in expanding TymeBank’s SME lending portfolio.

    These achievements reflect the bank’s commitment to inclusive banking solutions and its growing status as a trusted partner for both individuals and businesses looking to unlock their financial potential.

    Karl Westvig, who officially took over as CEO on 1 October 2024, expressed gratitude to the bank’s customers, stating: “We’d like to thank our 10 million customers for choosing us. This achievement is a testament to our team’s dedication to providing equitable banking that meets the evolving financial needs of South Africans and empowers them to achieve financial freedom.”

    He further stated: “Among our most significant achievements has been getting the business to break even, arguably in record time, while serving the poorest in our communities, a feat that has the potential to change what banks worldwide can do to provide access to customers across the economic spectrum.”

    To celebrate its latest milestone, TymeBank is running a campaign to thank some of its most loyal customers and those who have been notable advocates on social media with gifts and prizes – the details will be publicized on the bank’s social media platform throughout the month of October.

    TymeBank is part of the Tyme Group, which is currently valued at nearly US$1 billion. It credits its groundbreaking success to a customer-centric approach, robust technology, and strategic partnerships. Its innovative products have resonated with consumers seeking convenient, secure, and user-friendly financial solutions.

    TymeBank’s “phygital” model, which integrates digital banking with physical retail spaces, has reshaped banking in South Africa. Partnerships with major retailers like Pick n Pay, Boxer, and TFG have further optimized its distribution channel. The bank is 100% digital. It uses apps and online platforms to support its customers, rather than traditional physical branches. TymeBank is already making strides and has a real possibility of becoming South Africa’s biggest digital bank in a few months.

    In the weeks and months ahead, TymeBank aims to expand its market share by improving customer service and enhancing its banking app experience to attract more affluent customers. Additionally, the bank plans to broaden its services through strategic partnerships. Its entry into consumer lending, powered by AI tools that monitor customer spending patterns, is a key pillar of its personal loan strategy.

    African Startups FinTech South Africa Banking TymeBank
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    Samuel Ige

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