TymeDigital, which will be SA's first fully digital bank, is among the new players expected to transform local banking. Picture: Masi Losi
TymeDigital, which will be SA's first fully digital bank, is among the new players expected to transform local banking. Picture: Masi Losi

Patrice Motsepe’s African Rainbow Capital (ARC) which currently has a 10% shareholding in TymeDigital plans to acquire the remaining 90% of the tech-focused bank for an undisclosed amount.  

The deal is subject to regulatory approval and will be done via ARC’s subsidiary, ARC Financial Holdings, which will have full ownership of the entity.

There are six new banks entering the local market this year and the push for innovation is rife.

ARC co-CEO Johan van der Merwe joins Business Day TV to discuss the rationale behind acquiring the rest of TymeDigital.

 

African Rainbow Capital co-CEO Johan van der Merwe talks to Business Day TV about acquiring the 90% of rest of TymeDigital is does not already hold

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