 | |
| 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, an 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 mining billionaire businessman. Since 12 March 2021, he has been serving as the 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. In 2012, Motsepe was named South Africa's richest man, topping the Sunday Times' annual Rich List with an estimated fortune of R20.07 billion. Almost a decade later in 2020, Motsepe was ranked as the 1,307th-wealthiest person in the world by Forbes, with a reported fortune of US$3.1 billion.
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Companies based in Greater Johannesburg | |||
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| Diversified conglomerates | |||
| Airlines |
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| Financial |
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| ICT | |||
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| Mining | |||
| Retail and marketing | |||
| Restaurant franchises | |||
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| State-owned enterprises | |||
