TymeBank is a new-age challenger bank and the first of its kind in South Africa. It joins the likes Revolut, Starling Bank and Monese that are disrupting the status quo of traditional banks and the way people bank. These challenger banks offer faster, simple and cheaper banking solutions using mobile apps and cloud-based technology that eliminates the red tape and high cost of bricks-and-mortar branches.
You can open a TymeBank account via the website or at a kiosk in minutes and no paper documents are required. You receive and activate your personalised VISA debit card at any self-service TymeBank kiosk. There are 730 TymeBank kiosks located nationwide and over 10 000 till points across 1 500 retail stores for you to withdraw and deposit money.
TymeBank caters for basic, everyday banking needs such as payments, money transfers and savings but there is talk that credit cards and loans are in the pipeline. As an added bonus, TymeBank customers automatically join the Pick n Pay Smart Shopper loyalty programme and earn points and cashbacks for shopping online or instore.
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Strategic partnerships and revolutionary cloud-based technology
Founded in 2012 as part of a Deloitte Consulting project, TymeBank is majority owned by African Rainbow Capital (ARC) and falls under entrepreneur mogul Patrice Motsepe’s Ubuntu-Botho Investments stable. This makes TymeBank the first majority black-owned bank in South Africa. Ethos Artificial Intelligence (AI( Fund is an 8% shareholder in the digital bank.
Based in South Africa, TymeBank was granted permission by the South African Reserve Bank (SARB) to operate exclusively online in 2017. The digital bank received the first banking license to be issued since 1999.
TymeBank partnered with two major retail chains, Pick n Pay and Boxer, to make it easy for the unbanked market to open an account, receive a debit card and do everyday transactions. Pick n Pay and Boxer host a national network of TymeBank self-service kiosks which means TymeBank can offer a quasi-digital-only banking experience.
TymeBank was developed with one goal in mind; to offer a simple, cheap bank account to millions of unbanked South Africans who have historically been excluded from banking through the big banks.
TymeBank’s use of AWS cloud technology and its strategic partnership with Pick n Pay and Boxer stores has eliminated the need for costly physical branches. It also steers clear of high-risk banking products with a very limited product offering. These cost savings are passed onto customers in the form of no monthly banking fee and significantly cheaper transaction costs.
Did you know?
A challenger bank competes with the large traditional banks but without brick-and-mortar branches or an ATM network. Their products and banking services are only available through the bank’s mobile app or their website.
Digital-only banks are growing by the numbers and their popularity is soaring because they are meeting a massive need to deliver banking that is faster, more convenient and considerably cheaper than big banks.
TYMEBANK FAST FACTS
Tjaart van der Waalt
Johannesburg, South Africa
Who owns TymeBank?
Tyme (Take Your Money Everywhere) was developed as part of a Deloitte Consulting project, funded by the telecommunications provider, MTN Group.
The Commonwealth Bank of Australia (CBA) acquired 100% of Tyme and renamed it Tyme Digital by Commonwealth Bank SA.
TymeDigital secured the first operating license from the South African Reserve Bank (SARB) since 1999.
Financial services company, ARC Imali-Madi (RF) bought a 10% stake in TymeDigital.
African Rainbow Capital Financial Services Holdings, owned by Patrice Motsepe, obtained approval from SARB to acquire CBSA’s 90% majority stake in the business. The name was changed to TymeBank Limited and soft-launched in South Africa in the form of a digital transaction account with a limited number of self-service kiosks in Pick n Pay stores as well as online banking via a mobile app.
African Rainbow Capital (RC) and Ethos Private Equity jointly announced an investment of R200 million by the Ethos Artificial Intelligence (AI) Fund and co-investors into TymeBank Limited. The investment by the Ethos AI Fund in TymeBank will result in the fund being an 8% shareholder in the digital bank.
TymeBank raised a total of ZAR950 million in funding over 3 rounds. Their latest funding was raised in September 2020 from a Private Equity round.
TymeBank is funded by 3 investors. African Rainbow Capital, Ethos Private Equity and Serendipity Capital are the most recent investors.
Is TymeBank a licensed bank?
TymeBank is an Authorised Financial Services (FSP 49140) and Registered Credit Provider (NCRCP 10774). Tyme Bank Limited Reg no: 2015/231510/06.
FCSA Financial Sector Conduct Authority, South Africa
2020 : 2.5 million
Who can open a TymeBank account?
You need a registered South African ID number and a mobile number where you can receive a one-time-pin (OTP).
No other documents are required to open a TymeBank account.
How to open a TymeBank account?
You open an EveryDay personal or business account via TymeBank’s website or self-service kiosks in Pick n Pay and Boxer stores. Your VISA debit card is issued and activated at a TymeBank kiosk.
TymeBank offers a transactional account, money transfer service, savings account and educational App.
There are plans to introduce credit cards, unsecured loans and loans to small and medium-sized enterprises (SME).
TymeBank has 3 different bank profiles. The more the digital bank knows about you, the more access TymeBank can give you. No paper copies of documents required.
Each profile gives customers an EveryDay personal transaction account and up to 10 GoalSaves.
|Just met||Verify your name, ID number and provide personal details via the website or self-service kiosk|
|Getting to know you||Verify your name, ID number, biometrics (photo and thumbprints) and provide additional information at the self-service kiosk|
|Good friends||Verify your name, ID number, biometrics (photo and thumbprints), provide additional personal details and confirm your residential address at a self-service kiosk.|
TymeBank banking cards
You automatically receive a VISA debit card when you open an account with TymeBank. You can use your debit card for online and in-person purchases as well as for cash withdrawals at any ATM or partner stores.
There are no monthly account fees. Essential day-to-day banking transactions are free and you are charged low fees for other banking transactions.
TymeBank currently only offers accounts in South African Rands.
TymeBank’s website, mobile app and customer support is available in English.
TymeBank is best digital bank for
TymeBank offers everyday bankers faster, more convenient and cheaper banking. It’s designed for the historically unbanked market and is ideal for small- to medium-sized businesses and the self-employed, freelancers and entrepreneurs as well as individuals who are digitally-savvy and happy to bank using only a mobile app or self-service kiosk.
Customer support via mobile app, phone and email in four different languages.
How to open a neon Switzerland bank account
Open an EveryDay personal or business account online via the TymeBank website and then visit a self-service kiosk in one of the selected Pick n Pay or Boxer stores to receive and activate your VISA debit card.
Open an EveryDay personal or business account at a TymeBank self-service kiosk at selected Pick n Pay and Boxer stores and receive and activate your VISA debit card at the same time.
What does TymeBank offer its customers?
EveryDay personal account
No monthly fee and you only pay a low fee for certain banking services. You can withdraw cash at self-service kiosks or at all Pick n Pay and Boxer till points for free. You can withdraw cash from any ATM for a small fee and shop everywhere with your VISA debit card, including online.
|SendMoney||Send money to any TymeBank customer with a SA cellphone number for free
Send money to a non-TymeBank customer for a fee of R6
Collect money at any Pick n Pay or Boxer till point
Send up to R5 000 per day
|GoalSave||Free savings tool linked to your EveryDay account
Start 10 different GoalSaves for 10 different goals
Earn more the longer you save; as much as 8% interest a year
Switch your salary to your TymeBank account and get an additional 1%
|Prepaid||Login to the TymeBank mobile app or the website and click Buy to purchase electricity, airtime, data, SMS bundles and electricity.
Free Basic Electricity (FBE) is a government initiative that offers a small amount of free electricity per month to low-income households with qualifying meters. If you qualify, you can request FBE from your TymeBank SmartApp or their website once a month. Contact your energy provider (Eskom or your local municipality) to find out if you qualify.
|Hollard insurance||Get an affordable funeral policy from Hollard that gives your family a much-needed pay-out in the event of your death. You can add your spouse and children up to 5 years old on the Family Protect funeral policy.
The Hollard insurance policy comes with extras such as getting help with paying for groceries for 3 months, a death benefit paid out for 3 months, getting 10% of your premiums back every 6 months and a R250 airtime voucher.
|Rewards||Earn Pick n Pay Smart Shopper points when you swipe your TymeBank debit card at any PnP till point.
Earn double points when you swipe and pay with your TymeBank card at Pick n Pay.
Earn points when you shop online and get double points when you shop at a Pick n Pay store.
Earn 10 Pick n Pay Smart Shopper points for every 1 liter fuel you buy from BP with your TymeBank card.
The first cash deposit you make into your EveryDay account is free. Then pay R4 for every R1 000.
Personal account limits
|Just met||Total daily limits
Total monthly limits
|Getting to know you||Total daily limits
Total monthly limits
R1 400 000
|Good friends||Total daily limits
Total monthly limits
R1 400 000
EveryDay Business account
The EveryDay Business is linked to your personal account profile which means you can separate your business and personal money. It’s the perfect option for VAT and non-VAT registered sole traders.
To qualify for a EveryDay Business account, you need to have an EveryDay personal account.
You can set up to 10 GoalSaves for 10 different goals for your business and keep your business savings separate from your personal savings.
You also earn Rewards with your EveryDay Business account when you shop at Pick n Pay or buy fuel from BP.
|Added benefits||No monthly bank fee
Free online purchase transactions
Free bulk payments TB to TB and TB to non-TB
No fee for first cash deposit at a till point every month
How much does it cost to bank with TymeBank?
Pricing effective from 1 January 2022
|Free||Monthly administration fee
Android banking subscription fee
Online banking subscription fee
First VISA debit card
Electronic funds transfer from TymeBank to TymeBank
SendMoney from TymeBank to TymeBank
12 months’ bank statements (via banking app, online banking & email)
Beneficiary payment notification (banking app & online banking)
Proof of account (banking app and online banking)
Balance enquires on app, website and kiosk
First deposit at a till point
Cash withdrawal with TymeCode at PnP & Boxer till points
Cash withdrawal with debit card at till point at PnP & Boxer
Debit card and local online purchases
Use app and online service to buy prepaid electricity, airtime, data and SMS bundles
Debit order dispute within 40 days when helped by the Customer Service Centre
Payment to non-TymeBank account
Debit order (where your account is debited to pay a 3rd party)
|R3||Cash withdrawal with debit card at till point at other retailers
Debit card balance enquiry at ATMs
Debit card, debit order and ATM decline fee (insufficient funds or incorrect PIN)
per R1 000 or part thereof
|Cash deposit with TymeCode at Pick n Pay and Boxer till points
Cash deposit with a TymeBank VISA debit card at Pick n Pay and Boxer till points
Non-TymeBank customer SendMoney cash withdrawal (cash voucher)
per R1 000 or part thereof
|Cash withdrawal from ATMs
Dispute or stop debit order
Dispute debit card transaction
|R60||Debit order dispute older than 40 days
Unsuccessful debit order dispute
Unsuccessful debit card dispute fee
Debit card replacement fee
|R160||Late payment reversal to TymeBank
Is it safe to use TymeBank?
TymeBank is owned by Africa Rainbow Capital which is a JSE-listed firm. Under the stewardship of giants in the industry, TymeBank is regulatory compliant and abides by the stringent banking laws of South Africa.
TymeBank is an Authorised Financial Services (FSP 49140) and Registered Credit Provider (NCRCP 10774). Tyme Bank Limited registration number is 2015/231510/06.
TymeBank keeps your money safe with regular security updates and verifies transactions using OTPs to make sure it’s really you who is spending your money.
Debit orders cannot be run against GoalSaves which makes this savings feature the ideal place for you to keep your money safe.
Pros and cons of TymeBank
TymeBank appeals to new-age customers who are comfortable with a digital-only banking experience that is limited to transacting via the website, mobile app and self-service kiosks.
A TymeBank personal account can be opened in less than 5 minutes via the website or at a self-service kiosk. Applicants are not required to provide paper documents to verify personal details and are not subject to a credit check. The big banks require you to provide proof of residence for FICA regulations.
Only personal information needs to be verified. This means that people with a poor banking history who have previously had a bank account closed by a traditional bank are not penalised for past issues.
TymeBank is a challenger bank that offers a faster, simpler and significantly cheaper banking service than what the big banks can offer. It doesn’t have bricks-and-mortar branches or an ATM network and it doesn’t offer high-risk products such as credit cards, loans and mortgages. These cost savings are passed onto TymeBank customers in the form of zero base fees and low transactional costs.
For previously unbanked customers, the VISA debit card offers many benefits. There is no monthly fee, you are only charged for selected transactions and you can earn Pick n Pay Smart Shopper points and cashback rewards.
TymeBank produces an array of videos, articles and how-to videos for its website to help customers new to banking manage their accounts and keep their money safe.
TymeBank is a totally new concept where there are no branches or ATM network and all transactions are done online or at a self-service kiosk. You need to be fairly techno-savvy and happy not to have someone in a branch to speak to or print statements for you.
In South Africa, elderly people might not be comfortable with a digital-only bank. On the plus side, there is a dedicated helper to help when you use the self-service kiosk and a call center you can contact.
TymeBank is only using a digital security check for activating accounts. This exposes the bank to criminal exploitation because of this vulnerability.
The self-service kiosk does not dispense money. You can only withdraw funds at a Pick n Pay or Boxer till point.
The majority of complaints regarding TymeBank are about poor customer service from the call center and problems at the kiosk with the system crashing or not working at all. This would be very inconvenient if you needed to do an urgent transaction.
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TymeBank is a digital-only bank and the first of its kind in South Africa. After a soft launch in 2015, it has gained rapid momentum with news reports saying the bank is signing up approximately 100 000 customers a month since its official launch in 2019.
It’s owned by the first majority black-owned financial holding company in South Africa and falls under mining billionaire and businessman Patrice Motsepe’s investment stable. TymeBank was created with the best intentions; to provide easy and affordable access to banking services for the unbanked and underbanked population in South Africa.
Despite signing up over 2.5 million registered customers since it was officially launched in 2019, it’s going to take time for people to trust the start-up bank and adopt a digital-only banking experience. TymeBank also need to iron out problems with service at their call center and technical issues with their self-service kiosk.
Other than that, TymeBank has the backing of giants in the financial industry and is considered safe to use. It’s leading the group of the only three challenger banks in South Africa with Bank Zero and Discovery Bank to disrupt the way people bank and meeting the need for faster, simpler and cheaper banking for everyone.