Retail digital bank TymeBank has reached the four million customer mark, a milestone for the three-year-old financial institution.
The bank says it is experiencing an acceleration in its customer acquisition rate, with 140 000 customers being onboarded monthly, as opposed to about 110 000 previously.
TymeBank, 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.
“We are pleased to have achieved a four million customer base within about 32 months. We’ve expanded our offering and enhanced product functionality to ensure we can give customers everything they need in a single banking account, while empowering them to pay nothing – or next to nothing – on banking fees, depending on their banking behaviour. The acceleration in customer growth tells us we’re on the right track,” says TymeBank CEO Tauriq Keraan.
“TymeBank’s hybrid model of digital banking and physical service points is what sets us apart, which is why more than 80% of accounts are opened at our instore kiosks. That said, we’re seeing more customers making use of our digital channels, which is in line with the rapid growth in digital adoption among ordinary South Africans, largely driven by the COVID-19 pandemic, as well as increasing trust and confidence in digital banking.”
TymeBank has recently taken an aggressive growth path, including injecting fresh capital and penning multiple deals with retailers.
It sealed partnerships with Pick n Pay and Boxer, and says these alliances have been an integral part of its strategy to acquire customers and drive usage.
Last month, the bank signed a deal with TFG (The Foschini Group), targeting the fashion retailer’s 26 million customers.
In February 2020, TymeBank announced a partnership with the Zion Christian Church, in a deal that gave it an opportunity to sign up members of the 12 million-strong congregation.
Keraan comments: “As TymeBank management, we are proud of what the bank has achieved in the last 32 months. We have four million customers, strategic partnerships with three South African retail giants, as well as the Zion Christian Church, and have attracted significant investments from major international investors. We’re poised for further growth and there’s an exciting future ahead.”
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