TymeBank and Old Mutual's forthcoming bank to target Capitec's traditional market

Daniel Puchert

Daniel Puchert

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Two new South African banks target Capitec

Old Mutual's forthcoming new bank and the existing and popular digital bank TymeBank are both gunning for Capitec's traditional target market.

OM Bank will target the upper mass market and lower affluent customers, putting it in direct competition with Capitec, which serves a similar target market.
 
Is Tyme even gaining ground? The 3 PnP's in my town, don't even have the self help stations any more? How do they plan to get people signed up, if there is no stations (and zero branches)?

And they're targeting the poor people who likes queing at ATM's....they don't have ATM's??????
 
KleinBoontjie said:
Is Tyme even gaining ground? The 3 PnP's in my town, don't even have the self help stations any more? How do they plan to get people signed up, if there is no stations (and zero branches)?

And they're targeting the poor people who likes queing at ATM's....they don't have ATM's??????
Click to expand...

And what if you need to get stamped bank statements for visa applications? Lots of embassies won't accept these virtual stamped statements that the banks are so fond of these days.
 
KleinBoontjie said:
Is Tyme even gaining ground? The 3 PnP's in my town, don't even have the self help stations any more? How do they plan to get people signed up, if there is no stations (and zero branches)?

And they're targeting the poor people who likes queing at ATM's....they don't have ATM's??????
Click to expand...
They moved their kiosks to Boxer and Foschini stores, ie, Total sports, Markham, etc.

You can use any ATM from any bank to withdraw money if you don't use Pick n Pay or Boxer.
 
Patrice Motsepe-backed TymeBank launched in February 2019 and reached its first month of profitability in December 2023.
Click to expand...

The year end was a couple of months back (30 June 2024) but the AFS will probably only be published in Feb of next year again with the Group AFS. Am very curious to see what the year that had the first month of profitability looks like. They like making close to R1bn in losses a year. Also curious because the CEO change but it might be good as the old CEO got a promotion.

Still dont think its a brag when you make maybe a R1 profit against the backdrop of a R6.7bn accumulated loss over the years. Also not a brag when you had maybe the longest downtime of any bank so far this year.
 
Benefiting the few?

African Rainbow Capital

Majority-owned by Dr Motsepe's investment holding company African Rainbow Capital (ARC), Tyme Group holds an effective 57.7% stake in TymeBank, which bills itself as South Africa's first digital-only bank.

ARC was founded in July 2015 and is a wholly-owned subsidiary of Ubuntu-Botho Investments (UBI), which was created in 2004 as a broad-based Black-controlled investment entity as Sanlam's empowerment partner.

Owners of Ubuntu-Botho Investments (UBI) Patrice Motsepe and his immediate family.
 
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