Digital banking service TymeBank is adding between 110,000 and 120,00 new customers each month, says chief executive officer Tauriq Keraan.
The digital bank was formally launched in February 2019 and by the end of November 2019 it had on-boarded one million customers.
Keraan said that the bank was able to scale quickly and at low cost by partnering with organisations that have strong existing relationships with customers.
“Our partnership with Pick n Pay and Boxer has allowed us to grow rapidly to over one million customers in nine months since launching and we are still acquiring over 110,000 customers per month through their stores.,” he said in a statement on Sunday (2 February).
Speaking at the BusinessTech FinTech conference in September, Keraan said that TymeBank is one of the three fastest-growing digital banks in the world.
The chief executive said that the value proposition offered by TymeBank has been very well-received by customers, with a strong focus on simplified banking, with fixed fees, charged in forms customers will understand.
This customer base is expected to grow in the coming months after TymeBank announced a new partnership with the Zion Christian Church (ZCC),
Members are being offered a special ZCM (Zion City Moria) card that will serve as both a membership card as well as the member’s bank card.
TymeBank said it is currently working with the church’s Zetnet Mobile on ways to expand the cash-handling network beyond Pick n Pay and Boxer stores so that low-cost and accessible deposit and withdrawal services can be offered to cardholders in the more remote communities across the country.
This pilot phase is being conducted in preparation for on-boarding far larger groups of church members throughout the remainder of 2020 and beyond.
TymeBank said it expects large groups of church members to take up the proposition over the course of the year.
“Customers will be on-board at church members’ places of worship, which are located across South Africa.
“This includes major centres such as Soweto, Tshwane and Alexandra to smaller rural villages and at the large annual pilgrimages to Moria,” it said.