ARC acquisition of TymeDigital sets stage for disruption in SA’s banking sector
The 100% ownership of TymeDigital by ARC’s subsidiary, FinHoldCo, gives the group significant options
The stage is set for further disruption in SA’s banking sector, with billionaire businessman Patrice Motsepe’s African Rainbow Capital Investments (ARC) announcing on Wednesday that the group had reached a deal to secure a controlling interest in fintech provider TymeDigital. The 100% ownership of TymeDigital by ARC’s subsidiary, FinHoldCo, would give the group significant options in terms of new management partners and capital raising, ARC joint CEO Johan van der Merwe said on Wednesday. TymeDigital aims to roll out transactional banking in the fourth quarter of 2018, intending to become a fully fledged digital bank for those who cannot afford or cannot easily access formal banking services.
TymeDigital‚ which allows customers to access funds via their mobile phones‚ was granted a provisional licence by the Reserve Bank in 2016, the first issued since 1999. Provisional licences have since been issued to Discovery and app-driven BankZero. TymeDigital is part of the Internation...