TymeBank CEO Sandile Shabalala announced that the bank has signed up over 50,000 customers to its services since soft-launching in November 2018.
Speaking at the BusinessTech Digital Banking Conference, Shabalala said the new digital bank wants to change the way South Africans do banking – for the better.
TymeBank works in partnership with Pick n Pay and Boxer supermarkets, which offer physical spaces for TymeBank customers to access banking services.
This partnership will give TymeBank 750 physical points of presence across the country.
Shabalala said that the beauty of this system is that TymeBank has extensive physical reach without having to build its own infrastructure.
According to Shabalala, TymeBank hopes to integrate banking simply and easily into their customers’ daily lives, rather than being the chore it currently is.
Digital banking’s big challenge is to remove the barriers that traditional banks have put up between themselves and their customers, said Shabalala, listing physical and financial access as well as emotional blocks like trust, as examples of these barriers.
TymeBank is expected to officially launch in the coming months.