Digital-only bank TymeBank has introduced its first credit card facility, as part of its product expansion plans to cater to its customers’ various financial needs.
TymeBank’s Visa credit card is offered in partnership with local credit provider RCS.
The new credit offering comes after the bank recently introduced MoreTyme, the buy-now-pay-later offering, which enables customers to buy a retail product by paying half of the purchase price upfront, and the balance being settled over a 30- to 60-day period.
TymeBank, which racked up 4.2 million customers by December 2021, previously stated it is hoping to reach profitability this year.
The bank, which is majority-owned by African Rainbow Capital, the empowerment investment company owned by Dr Patrice Motsepe, says the acceleration in customer sign-ups is due to its products and transparency in banking fees.
“The launch of the TymeBank CreditCard is a significant step in our growth phase and is in line with our intent to diversify our customer profile by attracting more customers from the middle and upper middle-income groups,” says TymeBank CEO Tauriq Keraan.
“The card has been in the pipeline for some time, but we thought long and hard about timing, particularly given the challenging consumer environment. That said, a credit card is a secure, convenient method of payment that can add value to your budget and lifestyle, provided it is used responsibly.”
In February last year, TymeBank secured R1.6 billion in funding from investors in the UK and Philippines. The bank said the funding would be used to expand its product offering and explore international opportunities.
In October, the bank signed a deal with TFG (The Foschini Group), targeting the fashion retailer’s 26 million customers.
In September, TymeBank signed a bancassurance deal with Hollard to offer customers funeral policy plans without any paperwork.
“We are excited to partner with TymeBank to launch the new TymeBank CreditCard, which provides access to credit via enhanced digital offerings,” says RCS CEO Regan Adams.
“We remain committed to improving consumer lifestyles through new product offerings, with the broader strategy aimed at targeting new customer segments.”
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