A good week for Patrice Motsepe
Patrice Motsepe’s TymeBank is well on its way to having 500,000 clients by the end of this month
A good week
Patrice Motsepe’s TymeBank is off to a strong start. The digital bank, launched in February, is well on its way to having 500,000 clients by the end of this month, says parent company African Rainbow Capital Investments. TymeBank, which has partnered with Pick n Pay, wants to get to 2-million customers within three years. While it acts as a complementary bank for many clients, it aims to have 200,000 using it as their primary account by 2022. A R200m capital injection from the Ethos Artificial Intelligence Fund will help its cause.
A bad week
The ANC’s KwaZulu-Natal provincial executive committee (PEC) forced controversial eThekwini mayor and Jacob Zuma protégé Zandile Gumede to step down for a month while it probes her conduct, or face expulsion. Gumede is on bail after being arrested on fraud charges linked to a R208m city waste tender. The PEC also disbanded the ANC eThekwini region. Its rule requiring members facing serious charges to go on leave will also affect Newcastle mayor Ntuthuko Mahlaba, who is on bail charged with murder.