Fall in new TymeBank client sign-ups puts target at risk
Stringent lockdown measures have prompted fewer people to visit Pick n Pay stores, where its kiosks are
TymeBank, a lender backed by Patrice Motsepe, has logged a 20% decline in the number of new monthly clients it signs up, putting its 2022 break-even target at risk as the Covid-19 pandemic restricts people’s movements.
Launched as an app-only bank just more than a year ago to take on established players such as FirstRand and Capitec in the R6-trillion market, TymeBank has set a target of signing up 3-million customers by 2022. It expects to break even then and recover the costs of offering banking services for free.