New mobile-only bank to launch in SA?

A new mobile bank is believed to be launching in South Africa, with big names behind the business including MTN, Pick N Pay, and Boxer Superstores.

November 15, 2012 1 Comments
New mobile-only bank to launch in SA?

A new mobile bank is believed to be launching in South Africa, with big names behind the business including MTN, Pick N Pay, and Boxer Superstores.

The mobile bank is believed to be called Tyme (Tyme-Capital), as listed on the following website address and seen by BusinessTech before it was abruptly taken down at around midday on Thursday (15 November).

MTN responded with the following statement: “MTN would not like to comment on speculation”.

BusinessTech took screenshots of the site before it was removed.

Arrie Rossouw tweeted the news on Thursday. Rossouw said that his relationship in the venture involved pinless airtime.

Arrie tweet

Arrie Rossouw tweet

According to the website, Tyme is a distribution channel of the South African Bank of Athens.

It is unclear how the new venture is related to MTN’s Mobile Money product, a partnership the operator launched with Standard Bank several years ago.

According to the website:

“Mobile Money is a simple day-to-day transactional account that gives you access to your cash anywhere you are and at any time. Send money, buy airtime and electricity or deposit and withdraw cash at all Pick n Pay and Boxer till-points, at no monthly fee and no minimum balance to activate. All you need to qualify for Mobile Money is to be over the age of 16 and have a valid South African ID number.”

Under features and benefits, the site claims the following:

  • Send money to anyone with a South African cellphone number;
  • Recipients will be able to access the money immediately;
  • Buy prepaid airtime and electricity anytime and anywhere;
  • Deposit or withdraw cash at any Pick n Pay or Boxer store;
  • Pay for goods at any Pick n Pay or Boxer store;
  • Get a mini-statement;
  • Receive SMS notifications for all transactions;
  • Call the Customer Care Center on 083 123 0145;
  • No monthly fees and no minimum deposit.

A fees structure was also divulged on the website, although it has not been confirmed by MTN at this stage:

Related articles

RainFin aims to “shake up” financial services in SA

Social lending to hit SA banking

Standard Bank and Mxit launch mobile money service

Mobile transactions to hit $730bn by 2017


Gareth is the editor at MyBroadband BusinessTech. Gareth was previously the ICT Editor at BusinessLive/I-Net Bridge. Gareth holds a degree in Journalism from Rhodes University....
Tags: Boxer Superstores, Headline, MTN, Pick n Pay, Standard Bank, Tyme Captial

Shutterstock is the image partner of BusinessTech – technology images can be found here

Join the Conversation ( 1 comment)
  • http://www.facebook.com/leenesh.singh Leenesh Singh

    How can it be a Mobile Only bank when it’s part of Bank of Athens? FNB already has this facility

Free BusinessTech Newsletter:
Subscribe
X
bool(true)