Question 1

What is TymeBank?

Accepted Answer

TymeBank is South Africa's first fully digital retail bank, designed to make banking more accessible and affordable to all South Africans, particularly targeting the lower income and underbanked market segments. As a branchless institution, TymeBank operates through a hybrid model combining cloud-based digital banking with physical onboarding points.

By October 2025, the bank had grown to serve over 10 million customers, making it one of the world's fastest-growing digital banks. TymeBank is majority-owned by African Rainbow Capital Financial Services Holdings, founded by South African entrepreneur Patrice Motsepe, making it South Africa's first majority black-owned bank focused on retail and business banking.

Question 2

When was TymeBank founded?

Accepted Answer

The concept behind TymeBank originated in 2012 when "Tyme" (Take Your Money Everywhere) was developed as part of a Deloitte Consulting project funded by MTN Group. The standalone business was spun out in June 2012, led by co-founders Coenraad Jonker, Tjaart van der Walt, and Rolf Eichweberas, initially focusing on mobile money remittance services.

In January 2015, the Commonwealth Bank of Australia acquired Tyme and renamed it TymeDigital. On 28 September 2017, TymeDigital secured a full banking license from the South African Reserve Bank, marking the first full banking license issued in South Africa since 1999. In November 2018, African Rainbow Capital acquired the business, renamed it TymeBank, and soft-launched in November 2018 with limited kiosk availability. The official public launch occurred in February 2019.

Question 3

Where is TymeBank headquartered?

Accepted Answer

TymeBank is headquartered in Rosebank, Johannesburg, South Africa. The bank is part of the Tyme Group, a multi-country digital banking group with its holding company based in Singapore.

Question 4

Where does TymeBank operate?

Accepted Answer

TymeBank operates throughout South Africa with a nationwide footprint. Rather than traditional bank branches, the bank maintains over 700 self-service kiosks located inside Pick n Pay and Boxer retail stores across the country.

Additionally, customers can access banking services at over 14,000 till points across the Pick n Pay and Boxer network throughout South Africa. The bank's hybrid distribution model extends its reach to underserved rural areas, with approximately 42% of TymeBank's active customers residing in rural areas compared to South Africa's rural population of approximately 30%.

Question 5

What services does TymeBank offer?

Accepted Answer

TymeBank provides a comprehensive range of retail and business banking services focused on simplicity and affordability. Core offerings include the EveryDay zero-monthly-fee transactional account, the GoalSave savings tool that allows customers to open up to 10 savings pockets earning market-leading interest rates, and money transfer services.

Additional services include a Visa debit card integrated with Pick n Pay's Smart Shopper loyalty program, credit cards, MoreTyme interest-free buy-now-pay-later financing, TymeHealth affordable medical insurance, and the TymeCoach educational app providing free access to credit reports with financial literacy tips. The bank also offers personal and business banking products, with plans to expand into unsecured loans and SME lending.

Digital services are delivered through the TymeBank mobile app (Android-based), internet banking platform, and the extensive network of in-store kiosks where customers can open accounts and receive instant debit cards within five minutes without paperwork.

Question 6

What makes TymeBank unique?

Accepted Answer

TymeBank pioneered cloud-based banking in South Africa, becoming the first bank in the country to operate its core banking platform entirely in the cloud. Approximately 85% of TymeBank's systems run on AWS cloud applications, providing scalability, uniform security, and significant cost efficiencies that translate to 30% lower fees compared to the next most affordable bank in the market.

The bank's innovative hybrid model combines digital banking with physical touchpoints through proprietary kiosks manufactured by TymeBank, enabling account opening in under five minutes with biometric verification and instant card issuance. This approach eliminates barriers that have traditionally prevented an estimated 11 million unbanked South Africans from accessing banking services. TymeBank's commitment to radical transparency around fees and interest rates, coupled with its financial inclusion mission, earned it recognition as the third best bank in South Africa by Forbes Magazine in 2021 and a Net Promoter Score of 57, significantly higher than the average of 33 for larger retail banks.

Question 7

What type of financial institution is TymeBank?

Accepted Answer

TymeBank is a fully licensed retail bank in South Africa, regulated by the Prudential Authority of the South African Reserve Bank. It operates as a digital-only retail bank with no physical branches, focusing on retail and business banking services.

As a locally controlled bank registered with the South African Reserve Bank, TymeBank holds a full commercial banking license and is held to the same regulatory standards of safety and security as all traditional banks operating in South Africa. The bank's classification as a retail bank reflects its focus on serving individual consumers and small businesses across all income segments, particularly targeting lower-income and previously underbanked populations.

Question 8

How does TymeBank's kiosk model work?

Accepted Answer

TymeBank's proprietary kiosks are self-service terminals strategically located in Pick n Pay and Boxer supermarkets across South Africa. At these kiosks, customers can open a bank account in under five minutes using only their South African ID number and mobile phone number, with no paperwork required.

The kiosks capture biometric data including fingerprints, which are verified electronically against the Department of Home Affairs database for FICA compliance. Upon successful verification, a free Visa debit card is printed and issued instantly. This distribution model allows TymeBank to onboard approximately 93,500 customers per month through kiosks at an estimated cost of $3 per customer, significantly lower than traditional branch-based onboarding.

Question 9

What is TymeBank's impact on financial inclusion?

Accepted Answer

TymeBank serves a significantly higher proportion of financially excluded segments compared to traditional South African banks. Low-income customers earning $200 per month or less represent approximately 48% of TymeBank's active user base, compared to 41% of the overall banked population in South Africa.

Rural customers are notably overrepresented at 42% of TymeBank's customer base versus South Africa's 30% rural population. Young, rural, low-income women, the most financially excluded segment in South Africa comprising only 2.3% of the country's banked population, represent 7% of TymeBank's active base—nearly three times the national average. Over 70% of TymeBank customers report an improvement in their quality of life because of the bank, with 80% reporting decreased banking fees.

TymeBank

in South Africa 🇿🇦

Crypto-Friendliness

All done!

About TymeBank in South Africa