TymeBank Reached Four million Customers since Launch in February 2019

TymeBank, one of the world’s fastest growing digital banks, announced today that it has onboarded four million customers as at the end of October, which means that one in every ten South Africans who are eligible* to open a bank account, now have a TymeBank account.

In addition, TymeBank is experiencing an acceleration in its customer acquisition rate, with some 140 000 customers being onboarded monthly as opposed to about 110 000 previously. The acceleration in customers signing up for TymeBank bank accounts comes at a time when consumers are demanding more value as well as increased transparency in banking fees.

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TymeBank CEO Tauriq Keraan

Commenting on the latest milestone, TymeBank CEO Tauriq Keraan says: “We are pleased to have achieved a four-million customer base within about 32 months. We’ve expanded our offering and enhanced product functionality to ensure we can give customers everything they need in a single banking account, while empowering them to pay nothing – or next to nothing – on banking fees, depending on their banking behaviour. The acceleration in customer growth tells us we’re on the right track.”

Most new TymeBank accounts are opened at kiosks, and just under 20% of new bank accounts are now opened online, up from 15% since April this year.

“TymeBank’s hybrid model of digital banking and physical service points is what sets us apart, which is why more than 80% of accounts are opened at our instore kiosks.  That said, we’re seeing more customers making use of our digital channels, which is in line with the rapid growth in digital adoption among ordinary South Africans, largely driven by the Covid-19 pandemic as well as increasing trust and confidence in digital banking,” says Keraan.

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TymeBank’s partnership model with two retailers, Pick n Pay and Boxer, has been an integral part of its strategy to acquire customers and drive usage and has significantly contributed to the bank’s success since its February 2019 launch.

In line with the bank’s intent to diversify its current customer profile to include more customers from the middle and upper middle-income groups, on 5 October TymeBank announced a strategic partnership with TFG (The Foschini Group), a leading fashion retailer with more than 26 million loyalty customers, to meet the evolving financial services needs of consumers in the TFG ecosystem.

“As TymeBank management, we are proud of what the bank has achieved in the last 32 months. We have four million customers, strategic partnerships with three South African retail giants as well as the Zion Christian Church and have attracted significant investments from major international investors.  We’re poised for further growth and there’s an exciting future ahead,” says Keraan.

* To open a TymeBank account, customers need to be 16 years or older.

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