African Rainbow Capital takes control of Tyme
ARC Investments co-CEO Johan van Zyl says the company has all regulatory approvals and has already paid for the acquisition
African Rainbow Capital (ARC) has now received all regulatory approvals to acquire TymeDigital from the CommonWealth Bank of Australia and will now proceed to “incrementally” roll out its offering at Pick n Pay stores.
“We have received all regulatory approvals and have already paid for the acquisition,” says ARC Investments co-CEO Johan van Zyl. ARC, the controlling shareholder of JSE-listed ARC Investments, now owns 100% of TymeDigital, which will be rebranded to TymeBank when it officially launches to the public.
“The next few months will be about getting the bank to go,” said Van Zyl. “We are not going to rush into things. We want to make sure operationally we execute things well before we begin being quite aggressive in the rollout.”
The offering, which currently comprises a money transfer service facilitated by unbranded machines at some Pick n Pay stores, will in the following months, begin adding branded machines with the ability for clients to register, Fica and obtain a debit-card enabled transactional bank account.
“We have already had 400,000 people using the money transfer service, 320,000 are active, and that is without even advertising it,” says Van Zyl.
Following the rollout of the debit card and transactional banking offering, TymeBank will add credit cards and, ultimately, lending products over the course of the next year.