TymeBank has officially launched in South Africa, with its EveryDay transactional account now available to customers across the country.
The digital-only bank conducted a soft launch in December 2018 and has been expanding its operations ahead of its official launch today.
TymeBank works in partnership with Pick n Pay and Boxer supermarkets, which offer physical spaces for the bank’s customers to access banking services.
The bank’s transactional account features various tools, including GoalSave, MoneyTransfer, and the TymeCoach App.
“We are planning to introduce credit products later this year, as well as an SME proposition, but for now our focus is on getting simple and cost-effective banking solutions into people’s hands,” said TymeBank CEO Sandile Shabalala.
“Our mission is to drive meaningful financial inclusion by making banking more accessible to all South Africans.”
The bank acquired over 80,000 customers in the lead up to its official launch, and expects to have 730 points of presence inside Pick n Pay and Boxer stores once it completes its bank kiosk rollout.
There are over 14,000 till points across the Pick n Pay and Boxer network, too, where customers can withdraw money free of charge and deposit money for just R4, added Shabalala.
“We have a strong proposition, which competitors will find hard to match right now and the tens of thousands of customers that have opened and are using their accounts are testament to that,” he said.