TymeBank has signed up four million customers as of the end of October, with the digital bank continuing to see rapidly monthly growth.
The digital bank said that it is currently onboarding around 140,000 customers monthly, with the group recently announcing plans to introduce its kiosks in more stores.
“We are pleased to have achieved a four-million customer base within about 32 months,” said TymeBank chief executive Tauriq Keraan.
“We’ve expanded our offering and enhanced product functionality to ensure we can give customers everything they need in a single banking account while empowering them to pay nothing – or next to nothing – on banking fees, depending on their banking behaviour. The acceleration in customer growth tells us we’re on the right track.”
Most new TymeBank accounts are opened at kiosks, and just under 20% of new bank accounts are now opened online, up from 15% since April this year, he said.
“TymeBank’s hybrid model of digital banking and physical service points is what sets us apart, which is why more than 80% of accounts are opened at our in-store kiosks.
“That said, we’re seeing more customers making use of our digital channels, which is in line with the rapid growth in digital adoption among ordinary South Africans, largely driven by the Covid-19 pandemic as well as increasing trust and confidence in digital banking,” said Keraan.
TymeBank said that its partnership model with two retailers, Pick n Pay and Boxer, has been an integral part of its strategy to acquire customers and drive usage and has significantly contributed to the bank’s success since its February 2019 launch.
In line with a plan to target more customers from the middle and upper-middle-income groups, the bank recently announce a partnership with TFG (The Foschini Group).
“As TymeBank management, we are proud of what the bank has achieved in the last 32 months. We have four million customers, strategic partnerships with three South African retail giants as well as the Zion Christian Church and have attracted significant investments from major international investors. We’re poised for further growth and there’s an exciting future ahead,” said Keraan.