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SA branchless bank signing up 5,000 customers every week

SA branchless bank signing up 5,000 customers every week

South African fintech company TYME is signing up 5,000 new customers each week, according to a report by The Australian.

Commonwealth Bank of Australia acquired TYME, which designs, builds and operates digital banking ecosystems, in 2015, for a reported AU$40 million (R365 million).

TYME (Take Your Money Everywhere) is headquartered in Johannesburg and had 80 employees at the time of the acquisition.

The company was originally launched out of a Deloitte Consulting project that was funded by mobile operator MTN. In June 2012, the venture was spun out of Deloitte, and TYME was established as a stand-alone business.

TYME has developed ‘know your customer’ KYC accreditation solutions that allow customers to open a simple bank account over their mobile phone, and open an unrestricted bank account  from a remote location instead of having to enter a bank branch.

It originally partnered with MTN and retailer Pick n Pay, in 2012, enabling customers to use their mobile phones to open fully regulated bank accounts. In September MTN announced that it had stopped signing up new mobile money customers – the system of which was installed by TYME.

According to The Australian, the tech firms’ new model features a self-service kiosk and an Android touchscreen tablet.

“Using Wi-Fi connectivity, a document and fingerprint verification capability, a high-resolution camera and other capabilities, the kiosk can spit out a fully compliant bank account in five minutes,” the paper said.

Citing CBA’s chief executive, The Australian reported that there are now 685 Tyme kiosks in more than 500 Pick n Pay stores. CBA, he said, is acquiring 5,000 new customers per week, out of a total base of 86,000.

The Commonwealth Bank of Australia is an Australian multinational bank with businesses across New Zealand, Asia, USA and the United Kingdom.

Read: SA start-up acquired by major Australian bank

BusinessTech's Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as they receive it. They are believed to be cl...
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  • shannon butler

    This is a copy paste of the website. I don’t understand what this article is attempting to convey, they don’t have any marketable product in South Africa. The only newsworthy part is that a SA based company has been acquired by an Australian bank.

    • Hiren Patel

      Agree, quite confusing. The title makes it seem like they offer services in SA.

  • Sennen Goroshi

    this is a bit confusing

  • Wawa Wanda

    tried to check the website i got more confused than reading the article.

  • Veec’Lobo

    Well…If it’s confusing, the it’s suspicious……

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