Billionaire Patrice Motsepe-backed bank hits 12 million clients

Incoming TymeBank CEO Cheslyn Jacobs has revealed that the bank now boasts 12 million customers, surpassing many of South Africa’s largest banks.

This comes as competition in South Africa’s banking sector is heating up, with a significant number of newer entrants looking to make their mark.

Historically, South Africa’s banking market has been dominated by the so-called ‘Big Four’ banks of Absa, Standard Bank, Nedbank and FirstRand (FNB).

While not included in the traditional Big Four grouping, Capitec has also become a formidable player in South Africa’s banking sector.

In fact, Capitec is South Africa’s biggest bank by customers, boasting nearly 25 million clients.

Capitec is closely followed by Standard Bank, which has just under 20 million active clients, although this includes its clients from outside South Africa.

Absa and FNB both boast over 12 million active clients, meaning TymeBank is closing in on these banking giants.

TymeBank’s 12 million customers milestone comes as newer banking entrants, particularly digital banks, are looking to take the market by storm and challenge incumbents.

Many well-known South African companies have launched their own banks or are looking to do so, including Discovery, Old Mutual, Shoprite, and Pepkor.

South Africa has also seen an increase in stand-alone banks looking to make their mark on the industry, including Bank Zero and UK-based Revolut, which is set to launch in the country in the coming years.

In addition, the rise of fintechs has added another layer of competition, with companies like Yoco and iKhokha, for example, challenging incumbents in specific banking segments.

The table below shows the number of active clients at banks in South Africa. It should be noted that some banks may define “active clients” differently than others, and that these figures are based on all the banks’ latest results.

TymeBank’s rise

TymeBank’s 12 million customer achievement is notable, as the bank was only launched in 2019 and operates as a fully digital bank.

TymeBank is owned by African Rainbow Capital, an investment holding company founded by billionaire Patrice Motsepe, who also serves as the company’s non-executive chairman.

The bank has seen significant growth since its launch, having reached profitability in under five years.

In a recent social media post, Jacobs, who is set to take over as TymeBank CEO in early 2026, reflected on the bank’s growth.

“12 million customers is a milestone bigger than banking. It’s a testament to the fact that we can build world-class solutions right here at home,” he said.

“One in four adults in our country chooses TymeBank. This is a vote of confidence, emphasising that a homegrown bank can stand shoulder to shoulder with the best, while staying true to our core principles of access, simplicity, fairness, and trust.”

“But this doesn’t mean the work is done. If anything, hitting 12 million customers strengthens our commitment to show up for the people who trust us.”

“We’ve truly built something meaningful from our shores and will continue taking it further.”

TymeBank reached its first month of profitability in December 2023, less than five years after its launch in February 2019.

This made it one of the fastest-growing digital banks globally and the first African digital bank ever to reach this milestone.

The bank attributed this success to several key factors, including its model of combining digital channels with in-store kiosks at major retailers. 

This model allowed the company to consistently acquire around 150,000 customers every month.

In December 2024, the bank celebrated another milestone as it reached a $1.5 billion valuation following a highly successful capital raise.

The bank’s owners have hinted at plans to separately list TymeBank on the New York Stock Exchange, with a secondary listing on the JSE.