South Africa has a new bank. TymeDigital has been issued a licence by the South African Reserve Bank to operate a bank in the country.
TymeDigital, by Commonwealth Bank SA, said this is the first SARB licence to be issued to a new bank since 1999.
Sandile Shabalala, CEO of TymeDigital, said they will offer a full-service digital bank to users.
“We aim to provide affordable and accessible banking services to all South Africans, while increasing awareness about financial services through education,” he said.
“We will offer South Africans the ability to open accounts and transact securely, within minutes.”
“Through our innovative technology and financial education, we aim to get more people using banking services to enhance their lives and increase economic participation,” said Shabalala.
The bank is also backed by Patrice Motsepe’s African Rainbow Capital, which holds 10% in it.
TymeDigital will reportedly not have brick and mortar branches, but will create points of presence in partnership with Pick n Pay.
Shabalala said the bank hopes to be operational by the second quarter of 2018.