TymeBank CEO Sandile Shabalala announced that the bank has now signed up over 400,000 customers and is growing at a rapid pace.
The bank signed up over 107,000 customers in May 2019 alone, attributing this growth to its lower pricing for basic transactional accounts.
This increase in customers is a big improvement on the 50,000-user milestone it reached in February 2019.
“We have been meticulous with our pricing to ensure that every fee, even traditionally high-yield penalty fees, are priced with the consumer’s pocket in mind,” Shabalala said.
“We can afford to do this because we are a digital bank that has its ‘back office’ in the Cloud. This gives us a massive cost advantage over our competitors, and we are determined to pass these savings on to our customers,” he said.
More than fees
He added that despite the big banks’ recent fee reductions, TymeBank still offers a more affordable basic account.
“Fee decreases are without doubt a good thing for the consumer but we believe there is more to it than shaving off a few cents here and there,” Shabalala said. “A bank needs to build a relationship with its customers and anticipate their needs.”
“Using technology we are able to learn from our customers’ behaviours, affording us the ability to give them more value, beyond the lowest fees in the market.”
TymeBank works in partnership with Pick n Pay and Boxer supermarkets, which offer physical spaces for TymeBank customers to access banking services.
There are over 14,000 till points across the Pick n Pay and Boxer network, where customers can withdraw money free of charge and deposit money for just R4.