TymeDigital targets gaps to shake up SA's banking sector
It's the first full banking licence awarded in 18 years, and is backed by Patrice Motsepe’s African Rainbow Capital
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. More than 200,000 customers have signed up for the service. With the banking licence, TymeDigital can now extend its offering to digital bank accounts and transactions. Shabalala said the bank was "very ...
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