 | |
| Company type | Privately held company |
|---|---|
| Industry | Banking, financial services |
| Founded | 2015 |
Area served | South Africa |
Key people | Patrice Motsepe, Coen Jonker, Tauriq Keraan (CEO), Thabani Jali (Chairman), Thabo Kelvin Ndimande (Influencer), Dieter Botha (CTO) |
| Website | www |
TymeBank [1] is an exclusively digital bank based in South Africa, aimed at the lower income market. [2]
Headquartered in Rosebank, Johannesburg, TymeBank does not have any physical bank branches and relies on an Android banking App, and Internet Banking site and a partnership with two retail chains, Pick n Pay and Boxer, to host a national network of self-service kiosks that facilitate the account opening process. [3] [4]
The Prudential Authority of the South African Reserve Bank (SARB), granted permission for TymeBank to operate exclusively online on 28 September 2017. [5]
TymeBank [6] is the first bank in South Africa to put its core-banking platform in the cloud. [7] 85% of TymeBank's systems are AWS [8] cloud applications that provide system scalability, uniform security and cost efficiencies. [9] TymeBank's use of technology and the strategic relationship with Pick n Pay and Boxer stores eliminates the need for physical branches. [10] The reduced operating costs and the national presence of the retail stores removes the barriers that have traditionally prevented an estimated 11 million unbanked South Africans from accessing banking services. [11] [12]
"Tyme" (Take Your Money Everywhere)*people who received their money from time bank. This originally developed as part of a Deloitte Consulting project, funded by the and telecommunications provider, MTN Group. It went on to become a stand-alone business in June 2012. In 2015, the Commonwealth Bank of Australia (CBA) acquired 100% of Tyme, [13] and renamed the business TymeDigital by Commonwealth Bank SA. On 28 September 2017, TymeDigital secured an operating licence from the South African Reserve Bank (SARB). It was the first full banking licence to be issued by the SARB since 1999. [14]
In 2018, financial services company, ARC Imali-Madi (RF), bought a 10% stake in TymeDigital. On 5 November 2018, African Rainbow Capital Financial Services Holdings - owned by South African entrepreneur Patrice Motsepe - obtained approval from the South African Reserve Bank to acquire CBSA’s 90% majority stake in the business. [15] [16] [17] The name of the business was changed in November 2018 from TymeDigital by CommonwealthBank SA to Tyme Bank Limited. [18]
TymeBank soft-launched on 5 November 2018, allowing consumers to open a basic transactional bank account at a limited number of kiosks in Pick n Pay Stores as well as online. [19]
Previously wholly owned by African Rainbow Capital Financial Services Holdings, on 10 June 2019 African Rainbow Capital (ARC) and Ethos Private Equity jointly announced an investment of R200 million by the Ethos Artificial Intelligence (AI) Fund and co-investors (jointly Ethos AI Fund) into Tyme Bank Holdings. The transaction is subject to all conditions precedent being met. [20]
The investment by the Ethos AI Fund in TymeBank will result in the fund being an 8% shareholder in the bank. [21]
ARC announced in December 2021 that Tencent and CDC Group had become shareholders in TymeBank. This capital raising was expected to support TymeBank's emerging markets expansion. [22]
TymeBank offers a transactional account, money transfer service, savings account and educational App. There are plans to introduce credit cards, unsecured loans, and loans to small and medium-sized enterprises (SME). [23] [24]
On 7 August 2019, TymeBank appointed Tauriq Keraan as the new CEO [25] and by 28 November 2019, the bank had signed up one million customers. [26] By the end of October 2021, TymeBank had four million customers, and it announced partnerships with TFG and Zion Christian Church. [27]
Times Internet is an Indian multinational technology company, headquartered in Gurgaon, India which owns, operates and invests in various internet-led products, services and technology. It is the digital arm of The Times Group, the largest media conglomerate in India. Times Internet currently owns and operates 39+ digital products across news, sports, music, video, trivia, spirituality and a suite of transaction-led market-places across real estate, personal finance, education, jobs, table reservation, agri-business, etc.
Patrice Tlhopane Motsepe is a South African billionaire businessman and football administrator. Since March 2021, he has been president of the Confederation of African Football. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum. He sits on several company boards, including being the non-executive chairman of Harmony Gold, the world's 12th largest gold mining company, and the deputy chairman of Sanlam. He serves on the Board of Trustees of the World Economic Forum.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
M-PESA is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, South Africa and Ethiopia. The rollouts in India, Romania, and Albania were terminated amid low market uptake. M-PESA allows users to deposit, withdraw, transfer money, pay for goods and services, access credit and savings, all with a mobile device.
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African Bank Limited, is a retail bank in South Africa, that offers financial products and services. The Bank is licensed as a "locally controlled bank" by the South African Reserve Bank (SARB). Headquartered in Midrand, South Africa, the bank has a countrywide branch distribution network in addition to a full digital channel offering; as well as sales, collections and customer service Contact Centres.
Stripe, Inc. is an Irish-American multinational financial services and software as a service (SaaS) company dual-headquartered in South San Francisco, California, United States and Dublin, Ireland. The company primarily offers payment-processing software and application programming interfaces for e-commerce websites and mobile applications.
ABANCA Corporación Bancaria, S.A. is a Spanish bank based in Galicia. It was created in September in 2011 following the "bankisation" of Novacaixagalicia savings bank. It operates in the autonomous communities of Galicia, Asturias and the province of León, in other parts of Spain and in Portugal, as well as offices in the UK, Germany, France, Switzerland, Brazil, Venezuela, Panama, Mexico and the USA.
Stellar, or Stellar Lumens, is an open-source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.
Starling Bank is a British bank, occasionally referred to as a digital challenger bank or neobank, providing current and business bank accounts in the United Kingdom. Starling Bank is a licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014. Since its founding, it has received over £500M of funding.
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