TymeBank – everything you need to know about South Africa’s first digital-only bank
Digital bank, TymeBank has soft launched in South Africa, marking the first new bank in the country since 1999, and the first digital-only bank to launch in the country ever.
The bank has opened its doors to customers to start registering new accounts with the group, though it only offers limited services and has few points of contact.
The Johannesburg-based company has signed up 1,800 clients in the first week of an unofficial launch, chief executive officer Sandile Shabalala said in an interview with Bloomberg in the city on Friday. The official opening is scheduled for the end of the first quarter next year, he said.
The bank, which is wholly-owned by billionaire Patrice Motsepe’s African Rainbow Capital, does not have any banking branches, relying solely on digital means (online, mobile, or kiosks).
Tyme has partnered with Pick n Pay and Boxer stores, which (over time) will offer a point-of-presence for customers to interact with the bank.
Here’s everything you need to know about setting up an account:
Signing up
Signing up to the bank is a simple process that requires no documents, and carries no charge.
To open an account, you need a South African ID number and a South African cellphone number, which the bank verifies through several questions and a One-Time PIN (OTP).
When registering, the group will ask you to verify your identity through questions like asking you to identify your name from a list of names, and others hinging off your information that is available from credit providers (“Is X amount of rand your average payment on your Edgars account?”), or other registries.
If the process is done at a kiosk, biometric data will be captured and compared to the data with Home Affairs, which is connected to the Tyme systems, and a free Visa debit card is issued immediately.
If done online, you will have access to your account, but it will be limited in how much you can transact until you go to a kiosk and “upgrade” your account (for free) to a full account through capturing biometric data, and registering your residential address.
You will also get a free debit card immediately.
FICA verification is done when you open or upgrade an account. Your ID number and thumbprints are checked electronically with the Department of Home Affairs. Your residential address and other personal information is confirmed against existing data when you answer a few easy questions.
Account profiles
Based on how well the bank ‘knows’ you, you will be given a banking profile. These profiles determine your account limits.
- A “Just met” profile gives you an EveryDay bank account, access to the group’s saving tool and an account balance and transaction limits.
- A “Getting to know you” profile is one that has biometric data captured at the kiosk, and gives you the benefits above, increases transaction limits, and gives you the free Visa card. Because of the partnership with Pick n Pay, the card also doubles Smart Shopper points earned if linked.
- A “Good friends” profile is one that has residential address data captured. It has the benefits above, and again increases transaction limits, while offering interest of 6% interest from day 1, 7% after 30 days, 9% after 90 days. If you give 10 days’ notice after 90 days – you earn as much as 10%.
Kiosks
Tyme currently has a limited physical presence via its kiosks, but plans to roll out more as it approaches full launch in 2019.
Currently, customers can only find kiosks at six stores, namely:
- Pick n Pay Rosebank
- Pick n Pay Bedfordview
- Pick n Pay Kensington
- Pick n Pay Kenilworth
- Boxer West Street
- Boxer Alexandra
Services
Tyme offers typical banking services, with additional transactions (such as prepaid airtime and electricity as well as an overdraft facility) also on the cards. The debit card is also currently limited to bricks and mortar transactions within South Africa, with online purchases and international payments also in the pipeline.
The services offered on the account are:
- Withdrawals
- Deposits
- Sending Money
- Payments (EFT)
- Card swipes
- Statements
- Pick n Pay Smartshopper points
- Prepaid products (coming soon)
- Overdraft (coming soon)
Fees
| Service | Fee |
|---|---|
| Registration Fee | Free |
| Monthly Account Fee | Free |
| Withdrawals | Free at Pick n Pay and Boxer stores R2 at other major retailers R8 per R1,000 at all ATMs, countrywide |
| Deposits | R4 at Pick n Pay and Boxer stores |
| Payments/Send Money | Free to other TymeBank accounts R2 for payments to accounts at other banks |
| Card Swipes | Free |
| Balances | Free |
Limits
The bank limits the value of the transactions based on how well it knows you (your account profile), these are broken down as such.
| Transaction | Just met | Getting to know you | Good friends |
|---|---|---|---|
| Payment | R2 000 | R10 000 | R100 000 |
| Prepaid Purchase | R1 000 | R3 000 | R3 000 |
| Cash Withdrawal at PnP or Boxer | R2 000 | R5 000 | R5 000 |
| Cash Deposit | R3 000 | R20 000 | R20 000 |
| Daily transaction limit | R2 000 | R10 000 | R100 000 |
| Daily cash deposit limit | R20 000 | R20 000 | R20 000 |
| Monthly transaction limit | R40 000 | R100 000 | R1 000 000 |
| Monthly cash deposit limit | R20 000 | N/A | N/A |
The combined maximum balance for your Everyday account and GoalSave(s) for Just met is R20,000.
The combined maximum balance for your EveryDay account and GoalSave(s) for Getting to know you is R50,000.
The maximum balance for your EveryDay account on Good friends is R500,000 and the maximum balance for your GoalSave(s) is R100,000. The combined maximum balance for your Everyday account and GoalSave(s) is R500,000.
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