TymeBank is no longer a small player in the banking and financial sector, as it stands 8 million South Africans are now banking with Patrice Motsepe’s bank. The bank recently announced that it has onboarded eight million customers as of 6 October 2023, that means 200,000 customers are signing up every month.
Speaking about the winning streak, TymeBank CEO Coen Jonker said: “We are immensely proud of the fact that we have acquired eight million customers since launching in February 2019. Our performance reinforces our position as one of the world’s fastest-growing digital banks and a credible alternative to the legacy banks for South Africans.”
“This pace of growth also brings us closer to our ambition of becoming one of the top three retail banks in the country. What is particularly pleasing is the fact that the last million customers were acquired in record time – just under five months, despite ongoing challenges,” he said.
Jonker credits their tripartite alliance with physical retails stores for their success, that includes Pick n Pay, Boxer and more recently TFG.
“Our success can also be attributed to our tried-and-tested ‘phygital’ model, which seamlessly integrates the convenience of digital banking into physical retail ecosystems, while the strength of our partnerships with leading retailers such as Pick n Pay, Boxer and more recently TFG, allows us to optimise our distribution network,” said Jonker.
“What is particularly pleasing is the fact that the last million customers were acquired in record time – just under five months, despite ongoing challenges,” he said.
Congratulations to African Rainbow Capital.
