TymeBank to launch at the end of February

TymeBank will go live in 500 Pick n Pay and Boxer stores next week in preparation for the formal launch later this month.

In a statement, the bank said that from next week (18 February) customers will be able to open a fully FICA compliant bank account in over 500 Pick n Pay and Boxer stores, and be issued with a Visa debit card in under five minutes.

This follows a successful soft launch in December when the Bank went live in 20 Pick n Pay and Boxer stores.

Speaking at the BusinessTech Digital Banking Conference on Wednesday (13 February), CEO of TymeBank, Sandile Shabalala said that over 50,000 customers have already opened a TymeBank account since December.

Some of the unique features of TymeBank include:

  • No paperwork required – TymeBank kiosks in Pick n Pay and Boxer stores are equipped with highly secure technology using real-time biometric recognition. This means a customer doesn’t need an ID document or any other paperwork to open an account. It takes under five minutes and they will immediately be issued with a personalised, activated Visa debit card that can be used at any Visa merchant in the country.
  • No monthly fees – There are no monthly fees, no account initiation fee, no card issuing fee and no fees for the use of the card for payment. Cash withdrawals at Pick n Pay and Boxer till points are free, it costs R8 at any ATM and R2 at other major retailers, and the card can be used at any Visa merchant. Cash deposits at Pick n Pay and Boxer stores are R4.
  • High interest on savings –  TymeBank’s EveryDay transactional account comes with a unique and flexible savings tool called GoalSave. It allows customers to earn up to 10% interest per annum on their savings after just 3 months, with no fees, restrictions or penalties.
  • Earn Smart Shopper points – TymeBank and Pick n Pay have extended the Smart Shopper loyalty program to all TymeBank customers. A TymeBank customer will be able to earn Smart Shopper points anywhere when they use their TymeBank card to make a purchase. This is a first for Smart Shopper customers. Customers can also earn double Smart Shopper points when they use their TymeBank Visa debit card to swipe and pay at any Pick n Pay till.

The digital banking challenge

According to Shabalala, the big challenge for digital banking is to remove the barriers that clients face with traditional banks – being physical access to banks, financial access, as well as emotional blocks like complexity and trust.

Shabalala said that banking needs to move away from being something that people ‘have to do’, and become a part of what they do on a daily basis, integrated into their lifestyles.

This is a space that digital banks can excel at because they do away with roadblocks like branches and branch infrastructure, and can expand their services beyond banking – like partnering with retailers, he said.

Read: TymeBank hits 50,000 customers – and it hasn’t even launched yet

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TymeBank to launch at the end of February