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Patrice Motsepe’s TymeBank hopes to disrupt the sector with the country’s first offering that can be operated at virtually no cost to the customer. The bank is in the process of rolling out its offering to all 720 kiosks located at its partner Pick n Pay and Boxer stores, with the process expected to be completed in the next six to eight weeks. The account has no monthly or mandatory fees. Clients can open an account, receive a debit card and pay for items with it, as well as withdraw money from Pick n Pay and Boxer stores all free of charge. Other functions, such as debit orders or online payments to other banks, cost just R2 per transaction. The bank has a fully enabled online offering and for Android phone users there is an app. "We are a fully fledged bank and we want to disrupt the market. We think this proposition is very attractive for all customers, so we are not specifically targeting one segment," said TymeBank CEO Sandile Shabalala. The offering could force competitors to...

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