TymeBank and retailer The Foschini Group (TFG) have expanded their partnership, introducing co-branded financial products and services both in-store and on digital platforms.
The move was announced in Rosebank this morning, with the brands saying they are leveraging their respective expertise to bring innovative money products to the market.
They first joined forces in October 2021, when TymeBank and TFG said plans were afoot to offer a full range of financial products and develop new services.
The new development announced today will see the unveiling of over 600 TymeBank TFG Money branded kiosks located in TFG stores across the country, offering banking services, targeting the retailer’s 26 million customers.
Over 180 000 customers have been issued with a TymeBank TFG Money account debit card.
“The kiosk, together with the TymeBank app and other digital interfaces, gives TFG customers access to financial services, such as electricity payments, money transfer and savings products, thereby allowing customers to shop and transact at the same time,” says TymeBank.
The digital bank says its model of strategic partnerships with large-scale retail ecosystems has shown impressive outcomes since launching in 2019.
TymeBank has acquired 6.1 million customers in under four years and now has an average 23 million transactions per month.
CEO Coen Jonker explains further: “Through continued innovation, we have been able to drive customer growth and engagement at an unprecedented rate in South Africa. And through partnerships such as these that leverage our respective expertise and resources, we can not only reimagine but reinvent the banking experience.
“TFG is renowned for its retail strength and strong customer focus, and this partnership is a unique example of two leading brands coming together to offer a truly innovative and customer-centric way of banking – a ‘new front door’ to banking.
“As TymeBank, we’re excited about how this partnership is further expanding our reach and diversifying the current TymeBank customer profile.
“With the potential to expose over 30 million TFG loyalty programme (TFG Rewards) members to the TymeBank brand, we believe this partnership accelerates our mission to bring accessible, affordable banking to all South Africans,” comments Jonker.
The deal is aligned to its strategic goal of pushing financial inclusion, says Scott Brown, MD of value-added services at TFG.
“Establishing a long-term partnership with TymeBank, and being able to offer their products and services to our customer base under the TFG Money umbrella, is perfectly aligned with our goal of driving financial inclusion.
“The co-branded product suite is complementary to the TFG Money Account and opens the door for new customer segments to engage with and benefit from financial services solutions enabled by TFG.
“There is a great fit between our brands, our goals and the way we work, and this has allowed us to be fast-to-market with our first set of co-branded products. We’re looking forward to working alongside TymeBank to further establish TFG Money as a ‘go-to brand’ for South Africans who want to benefit from a new style of banking.”
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