GoTyme Bank wants South Africans to stop paying fees to move their money instantly
GoTyme Bank, formerly TymeBank, has launched ‘Move Money- Instantly and Free’, a new campaign aimed at changing the way South Africans think about everyday payments – starting with the idea that customers should not have to pay a premium simply because they want their payments to arrive immediately.
GoTyme Bank customers can make instant payments of up to R5,000 per transaction for free, while instant payments above R5,000 attract a simple flat fee of R7.
The proposition forms part of GoTyme Bank’s broader ambition to become the bank South Africans choose for everyday payments by making payments faster, simpler and more affordable.
“People live in real time, but banking has not always kept up,” says Lucia Malapane, Head of Brand at GoTyme Bank.
“It makes very little sense that customers should still have to choose between waiting for their money to arrive and paying extra to make it move faster.”
She adds: “Our view is simple: when you send money, it should get there immediately. And for the everyday payments most South Africans are making, you should not have to pay extra for that speed.”
Instant should be the normal way to pay
The campaign positions instant payments not as a premium banking feature, but as an everyday utility.
Unlike traditional electronic transfers that may take time to reflect, an instant payment is designed to reach the recipient within seconds.
Through the GoTyme Bank app, customers can make instant payments directly to participating South African bank accounts via PayShap, with instant payments of up to R5,000 available at no charge.
“South Africans are rightly conscious of where every rand goes,” says Malapane. “A R2, R5 or R10 transaction fee may look small in isolation, but repeat that several times a month and it becomes meaningful money.”
“We don’t think customers should have to choose between speed and affordability. Our job as a bank is to remove that friction.”
Building a bank for everyday South African payments
The campaign was launched from the GoTyme Bank Experience Hub at Mall of Africa in Johannesburg, an experiential space designed to allow consumers to engage with the bank beyond traditional banking touchpoints.
The hub combines banking experiences with lifestyle elements, including Seattle Coffee, branded merchandise and customer engagement opportunities.
Watch here: Move Money – Instant Payments Premiere
GoTyme Bank will be taking these Experience Hubs on the road, popping up in cities, towns and communities around South Africa, where customers will be able to participate in competitions and activations, and engage directly with GoTyme Bank teams.
“Banking needs to fit into people’s lives, not the other way around. We want to show up where South Africans are, make banking easier to understand and use, and give people tangible reasons to expect more from their bank,” says Malapane.
Changing expectations of digital banking
The bank believes the next phase of competition in digital banking will increasingly be determined not simply by whether a service is available digitally, but by how much friction is removed from everyday financial activities.
Payments are central to that shift.
“Digital banking shouldn’t just mean doing the same old banking on a phone,” says Malapane. “Technology should actually make the experience better.”
She concludes: “For us, free instant payments are a very tangible example of banking as it should be. Your money moves when you need it to move, the pricing is clear, and we remove a fee that customers have been conditioned to accept.”
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