TymeBank, Africa’s fast growing digital bank has partnered with Flash, Mzansi’s fintech provider to enable customers to withdraw cash at over 172 000 spaza shops in townships and merchants nationwide.
The move by TymeBank bridges the gap between the bank, and the unbank and ultimately it brings financial inclusion to the informal economy and townships.
“While TymeBank supports the country’s shift to a cashless society, the reality is that cash is still used extensively in our communities and the informal market,” says TymeBank chief strategy officer Greg Illgner.
“Flash provides an accessible, convenient and easy-to-use cash-out solution, which means TymeBank customers can withdraw cash from a convenient location, reducing time and money spent travelling. They also save on fees, as withdrawals cost less than they would at an ATM.”
Flash head of marketing Sarah Griffiths says: “Flash’s aim is to remove unnecessary barriers. Our technology simplifies operations so that business owners can focus on serving and growing their businesses, while providing a convenient service to their customers and communities. This partnership with TymeBank does exactly that.”
How does it work?
TymeBank customers can withdraw cash by generating a voucher via the bank’s USSD channel. The voucher can then be cashed out at over 172 000 Flash merchants nationwide. A flat fee of R7 will be applied and added to the withdrawal amount.
