Reserve Bank issues first licence in 18 years, to ARC partner TymeDigital
African Rainbow Capital’s banking partner has secured an operating licence from the Reserve Bank — the first licence issued to a new bank since 1999. TymeDigital by Commonwealth Bank SA said the licence was scheduled to be published in the Government Gazette on Friday (September 29 2017). The acronym stands for "Take Your Money Everywhere". Tyme‚ which allows customers to access funds through their mobile phones‚ was granted a provisional licence last year. It aims to take on its rivals by providing "competitively priced‚ accessible banking services through a growing network of partners". The bank already operates Money Transfer‚ in partnership with Pick n Pay (PnP) and Boxer stores. It says it has more than 200‚000 customers for the service‚ adding that "the bank has just entered into a 10-year strategic relationship with PnP". Its SA CEO, Sandile Shabalala, said in a statement on Thursday: "This is a key milestone in our plans to launch a full service digital bank and disrupt bank...
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