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Business Management analysis

TymeBank acquires 3 million SA customers in record time

TymeBank acquires 3000 to 5000 new customers everyday. Over a 100 million transactions have been processed since Launch. Over 80% of their customers pay zero fees with 8% interest with no minimums and no lock in. Cash deposits at Pick n Pay and Boxer stores averages over 5 million per hour. Their accounts are easy to open, it only takes you less than 5 minutes online, in App, or at Pick n Pay and Boxer store kioks.

'TymeBank, one of the world’s fastest growing digital banks, has hit the three-million customer mark, and it’s done so in a mere 25 months. The bank, which has no branches, no monthly banking fees and transaction costs that are significantly lower than competitors’, has been signing up between 3000 and 5000 new customers every day'. This was a statement released by the bank.

Other things you may not know about South Africa’s first digital bank:

  1. TymeBank’s transaction costs are between 30 to 50% lower than what other banks charge.
  2. You can find TymeBank kiosks at 700 Pick ’n Pay and Boxer stores across South Africa.
  3. While it may not look and act like a traditional bank, TymeBank is fully regulated like the “big 5” retail banks.
  4. Customers have deposited more than R10 billion into their TymeBank accounts in the past six months.
  5. Goalsave* pays up to 8% interest - you can double the amount you save in just six months.
  6. It takes nine seconds to send money to any cellphone in South Africa using TymeBank’s SendMoney function.
  7. The majority of TymeBank accounts to date (85%) have been opened at kiosks, while 15% are opened online.
  8. The bank’s kiosks, electronic customer channels and call centre are open seven days a week.
  9. Over 50% of customers are above 35 years old, with women showing some 30% higher usage on certain transaction types
  10. TymeBank was named the 2nd best bank in SA by Forbes, only 18 months after launch.


Content created and supplied by: Blackarai (via Opera News )

Pick n Pay SA TymeBank


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