TymeBank is breaking the barriers that have, until now, blocked an estimated 11 million unbanked South Africans from having affordable, convenient and rewarding banking. That’s why TymeBank has designed every product, service and tool to help South Africans achieve everything they’re capable of. Because that’s what banking should do.
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A big win for TymeBank was getting permission from the Prudential Authority of the South African Reserve Bank to operate exclusively online. This meant that TymeBank is the first bank in South Africa to put its core-banking platform in the cloud. It also meant that TymeBank could do away with branches, making services a whole lot cheaper for their customers. For example, the TymeBank EveryDay account has no monthly fees, most day-to-day banking transactions are free and only a few very low cost, pay-as-you-use transactions. .
TymeBank on-boarded 1 million customers in less than a year and as of September 2020, provides low cost banking services to over 2.2 million people.
Cheslyn Jacobs, Head of Sales & Service, TymeBank
TymeBank makes it easy to join. It takes less than 5 minutes to open an account (with no documents required). Customers can open an account online on the website, www.tymebank.co.za, or on the app using facial recognition. When they are already out shopping, they can then collect their personalised Visa debit card at a kiosk in a Pick n Pay or Boxer store. Alternatively, they can open their account and collect their card at a kiosk at the same time, just by following the on-screen prompts. There are TymeBank Ambassadors at kiosks in selected stores to lend a helping hand if needed.
Banking with TymeBank is easy and convenient. Not only can customers open an account at one of the TymeBank kiosks that are already in over 700 Pick n Pay and Boxer stores nationwide, they can also deposit or withdraw cash at over 14 000 till points in these stores. Which, if one thinks about it, is way more branches than most banks have. It also means that customers can do their banking and shopping in one location.
In-store or at a kiosk isn’t the only way that people can bank. TymeBank customers use the banking app, online banking and their Visa debit cards to swipe for purchases anywhere they shop and draw money from any ATM in SA. Online shopping is accessible for both local and international transactions. Customers can also perform various transactions on their cellphones via the USSD channel such as checking their balance, send money, buy airtime or electricity or transacting on their GoalSave account.
TymeBank is also big on rewards. EveryDay account holders automatically become part of Pick n Pay’s Smart Shopper programme, which means they earn points everywhere they swipe their TymeBank card and they earn double Smart Shopper points when they use their card to swipe and pay inside a Pick n Pay store. Another big win is TymeBank’s GoalSave tool, which empowers customers to earn up to 7% interest a year on their savings after just 3 months (terms and conditions apply). Small business owners can also enjoy the same affordable benefits by opening a TymeBank Business Account.
Customers who switch their salaries to TymeBank are able to obtain their salaries the day before their normal payday via the EarlyPay benefit, a first in the South African banking industry. Furthermore, if they switch their salary from September 2020, they can also benefit with an extra 1% on the GoalSave interest (earning a maximum of 8%).
TymeBank on-boarded 1 million customers in less than a year and as of September 2020, provides low cost banking services to over 2.2 million people. But this is just the beginning for this digital bank. They are continually adding features and functionality to reach the unbanked people of Mzansi.
TymeBank
TymeBank is breaking the barriers that have, until now, blocked an estimated 11 million unbanked South Africans from having affordable, convenient and rewarding banking. That’s why TymeBank has designed every product, service and tool to help South Africans achieve everything they’re capable of. Because that’s what banking should do.
A big win for TymeBank was getting permission from the Prudential Authority of the South African Reserve Bank to operate exclusively online. This meant that TymeBank is the first bank in South Africa to put its core-banking platform in the cloud. It also meant that TymeBank could do away with branches, making services a whole lot cheaper for their customers. For example, the TymeBank EveryDay account has no monthly fees, most day-to-day banking transactions are free and only a few very low cost, pay-as-you-use transactions. .
TymeBank makes it easy to join. It takes less than 5 minutes to open an account (with no documents required). Customers can open an account online on the website, www.tymebank.co.za, or on the app using facial recognition. When they are already out shopping, they can then collect their personalised Visa debit card at a kiosk in a Pick n Pay or Boxer store. Alternatively, they can open their account and collect their card at a kiosk at the same time, just by following the on-screen prompts. There are TymeBank Ambassadors at kiosks in selected stores to lend a helping hand if needed.
Banking with TymeBank is easy and convenient. Not only can customers open an account at one of the TymeBank kiosks that are already in over 700 Pick n Pay and Boxer stores nationwide, they can also deposit or withdraw cash at over 14 000 till points in these stores. Which, if one thinks about it, is way more branches than most banks have. It also means that customers can do their banking and shopping in one location.
In-store or at a kiosk isn’t the only way that people can bank. TymeBank customers use the banking app, online banking and their Visa debit cards to swipe for purchases anywhere they shop and draw money from any ATM in SA. Online shopping is accessible for both local and international transactions. Customers can also perform various transactions on their cellphones via the USSD channel such as checking their balance, send money, buy airtime or electricity or transacting on their GoalSave account.
TymeBank is also big on rewards. EveryDay account holders automatically become part of Pick n Pay’s Smart Shopper programme, which means they earn points everywhere they swipe their TymeBank card and they earn double Smart Shopper points when they use their card to swipe and pay inside a Pick n Pay store. Another big win is TymeBank’s GoalSave tool, which empowers customers to earn up to 7% interest a year on their savings after just 3 months (terms and conditions apply). Small business owners can also enjoy the same affordable benefits by opening a TymeBank Business Account.
Customers who switch their salaries to TymeBank are able to obtain their salaries the day before their normal payday via the EarlyPay benefit, a first in the South African banking industry. Furthermore, if they switch their salary from September 2020, they can also benefit with an extra 1% on the GoalSave interest (earning a maximum of 8%).
TymeBank on-boarded 1 million customers in less than a year and as of September 2020, provides low cost banking services to over 2.2 million people. But this is just the beginning for this digital bank. They are continually adding features and functionality to reach the unbanked people of Mzansi.