Banking shake-up as TymeDigital gets first full licence in 18 years
The newcomer, in which Patrice Motsepe's ARC has a stake, will target small business and the lower end of the consumer market
Commonwealth Bank of Australia’s TymeDigital is set to disrupt consumer banking at the lower end of the market after clinching the first full banking licence the Reserve Bank has awarded in 18 years. The digital bank, headed by former Nedbank business banking MD Sandile Shabalala, will begin setting up its operations from November, with the official launch planned for the second quarter of 2018. TymeDigital plans to target customers from the small and medium-sized enterprises (SME) market. The fledgling bank, backed by a 10% equity stake from Patrice Motsepe’s African Rainbow Capital, has already reached agreements with retailers Pick n Pay and Boxer for its money-transfer service, where customers register with their identity documents at a small kiosk, then use tills to send money. If you are already a subscriber, please click on the following link below to go to the full article: TymeDigital to target lower end of market If you would like to subscribe to BusinessLIVE Premium to ...
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