Tyme Bank Reached 10.7 Million Customers in December 2024, Showing a 7% Growth Over Three Months

South Africa’s Tyme Bank has achieved a significant milestone by reaching 10.7 million customers in December 2024. Just three months earlier, in October, the digital bank had 10 million users, meaning it added 700,000 new customers in a short span. This growth was highlighted in a financial report by African Rainbow Capital (ARC), which owns nearly 58% of Tyme Bank.

The bank’s rapid expansion isn’t surprising. It’s known for making banking easy and affordable, and it partners with big brands like TFG, Boxer, and Pick n Pay to reach more people. Customers also love the service – Tyme Bank has one of the highest satisfaction scores in the industry.

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Money-wise, things are looking good too. By December, people had deposited nearly R7 billion (about $380 million) into Tyme Bank accounts, up from $347 million in June. The bank also lent more money to customers, with loans rising from $104.6 million to $127.7 million.

Tyme Bank isn’t alone in its success. Its parent company, Tyme Group, runs banks in other countries too. For example, GOtyme Bank in the Philippines reached five million customers by December. Together, Tyme Bank and GOtyme have helped the group serve over 15 million people worldwide.

In December, Tyme Bank became one of Africa’s most valuable startups after raising $250 million from investors like Nubank. This deal valued the bank at $1.5 billion, making it a “unicorn” – a term for companies worth over $1 billion. However, ARC slightly lowered its own valuation of Tyme Bank by $17.8 million to reflect the deal’s terms.

Looking ahead, Tyme Bank is betting big on artificial intelligence and data tools to improve services. These investments might slow profits temporarily, but they’re meant to keep the bank ahead of competitors and attract even more users.

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The bank has also been busy expanding. It recently started offering loans to businesses in Vietnam and plans to launch full services there soon. Meanwhile, its Philippine branch, GOtyme Bank, bought a company called Savii to offer payroll loans – a smart move to grow its lending business.

Tyme Bank’s journey shows how digital banking can grow fast with the right strategy. From reaching 10.7 million customers to exploring new markets, it’s clear this bank is just getting started. With tech and partnerships driving its growth, Tyme Bank is likely to keep making headlines in the years to come.

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