South African digital bank reaches 10 million customers and R7 billion in customer deposits
TymeBank, the first digital bank to reach profitability in Africa, has reached 10 million customers less than six years after launching in 2019.
Tymebank launched in February 2019 with a value proposition based on three pillars – simplicity, transparency, and affordability.
If this sounds familiar, you are right. It closely follows Capitec’s strategy of simplicity and transparency, which helped it to become South Africa’s largest bank by clients.
The strategy also worked well for Tymebank, which signed up 3 million South African customers within the first two years.
Unlike Capitec, Tymebank has no branches. Instead, it serves its clients through till points across the Pick n Pay, Boxer, and TFG networks and kiosks.
The bank has announced that it has exceeded 10 million customers and has almost R7 billion in customer deposits.
This makes TymeBank the fastest growing bank in South Africa based on customer deposits for the 2024 calendar year.
TymeBank is part of the multi-country Tyme Group, valued at nearly US$1 billion (R18.2 billion).
TymeBank CEO Karl Westvig attributes their success to the bank’s customer-centric approach, robust technology, and strategic partnerships.
“The company’s innovative products and services have resonated with customers seeking convenient, secure, and user-friendly financial solutions,” he said.
As the bank looks to increase its market share, its immediate priorities include improving the customer service experience.
It includes creating a world-class banking app experience to attract a more affluent customer segment while broadening its offering through strategic partnerships.
TymeBank has also entered the consumer lending space, using AI tools to accurately predict a customer’s creditworthiness by monitoring patterns such as grocery spending.
