TymeBank CEO Sandile Shabalala.
TymeBank, which bills itself as SA’s first digital bank, has opened over 700 kiosks in Pick n Pay and Boxer stores across the country, where customers will be able to open accounts.
Patrice Motsepe’s African Rainbow Capital purchased TymeBank from the Commonwealth Bank of Australia last year.
TymeBank aims to provide affordable and accessible banking services through a growing network of partners, including Pick n Pay and Boxer.
Targeted client segments include unbanked and under-served clients as well as small and medium enterprises.
TymeBank CEO Sandile Shabalala told ITWeb the bank’s business model is premised on a digital-only approach, allowing it to deliver banking services to under-serviced South Africans in a simple and affordable way.
The kiosks are WiFi hotspots, allowing customers to download the TymeBank app for free. A spokesperson of the bank who spoke to ITWeb said it takes less than 10 minutes to open an account using the kiosks.
The bank says these kiosks effectively act as a branch, and other functions of the kiosks include transferring funds and checking balances. The kiosk will also issue users with a personalised Visa debit card.
TymeBank does not have any banking branches and relies solely on digital means (mobile app and Web site) and kiosks.
The bank offers typical transitional services, allowing customers to earn discounts and rewards when they use their debit card at partner retailers.
TymeBank is one of three digital banks looking to disrupt the retail banking sector in SA. The others are Bank Zero and Discovery Bank.
The key differentiator of these banks is that they will operate as full-service digital-only banks without physical bank branches, ensuring competitive rivalry in the local banking sector.