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The sole aim of a capital market is to make profits while providing quality services to its customers, and TymeBank has checked all the boxes on the aim of capitalism. TymeBank achieved a historical feat in December 2023 when they announced that they will be closing the month profitable.
Being the first digital bank to break even in South Africa, this milestone underscores TymeBank’s rapid ascent in the global digital banking landscape.
In this post, we’ll be reviewing everything you need to know about TymeBank and its groundbreaking achievements that have been making waves in the digital banking world.
TymeBank traces its origins back to June 2012, when a team led by Coen Jonker, Tjaart van der Walt, and Rolf Eichweberas launched the venture as a mobile money remittance operator.
Thanks to financial support from MTN, TYME set out with the goal of empowering retailers through technology, allowing them to provide local remittance services at more affordable rates compared to traditional banks.
Fun fact: the company was known as Tymedigital until September 2018. TymeBank has emerged as a prominent South African digital-only bank. It holds the distinction of being the first black-controlled digital bank in South Africa to achieve profitability.
This milestone positions TymeBank as one of the fastest-growing digital banks globally and marks it as the first African digital bank to reach such financial success.
TymeBank continues to be among the world’s fastest-growing digital banks, boasting an astonishing customer base of over 8.5 million. The bank stands out by offering a user-friendly experience with no monthly banking fees, ensuring a swift account opening process within five minutes. Also, transaction costs are consistently 30–50% lower than those imposed by other local banks.
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TymeBank has attained some fascinating achievements in the digital banking sector before becoming profitable. Some of TymeBank’s achievements include:
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TymeBank has achieved notable success in the digital banking sector, primarily due to two key factors:
TymeBank stands out with its distinctive banking model, marked by a seamless integration of digital channels and in-store kiosks within major retailers. This unique approach ensures accessibility and convenience for customers.
The bank has strategically partnered with major retailers such as Pick n Pay, Boxer, and TFG stores, deploying over 1000 kiosks and establishing a presence at 15,000 retail points nationwide.
This distribution network not only enhances accessibility but has also been pivotal in consistently attracting around 150,000 new customers each month.
As part of its broader strategy, Retail Capital, a division of TymeBank, has emerged as a leading SME funder in its sector, further contributing to the bank’s overall success. This integrated and customer-centric approach has solidified TymeBank’s position in the digital banking landscape.
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The Chairman and Co-founder of Tyme, Coenraad Jonker, further explained that the bank was not slowing down in their goals. He expressed optimism about TYME becoming one of the top three banks in the country.
“ Our established track record of success positions us strongly to realize this bold goal in the coming years”
~ Coenraad Jonker
(Chairman and Co-founder of Tyme)
TymeBank’s profitability can be attributed to its innovative digital banking model. By leveraging technology and focusing on cost-efficient operations, TymeBank has managed to minimize overhead costs, streamline processes, and rapidly expand its customer base.
TymeBank places a high priority on cybersecurity and data privacy. The bank employs advanced encryption techniques, multi-factor authentication, and continuous monitoring to ensure the security of its customers’ data. Compliance with regulatory standards is also a key aspect of TymeBank’s operations.
TymeBank’s profitability marks a significant milestone in the South African digital banking sector. It showcases the viability of digital banking models and encourages other financial institutions to explore innovative approaches to stay competitive and meet the evolving needs of consumers.
TymeBank’s achievement of profitability marks a significant milestone in the dynamic landscape of digital banking in South Africa.
The four-year journey from inception to profitability reflects not only the resilience and adaptability of TymeBank but also underscores the growing acceptance and demand for digital banking services in the region.
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