- The bank now has almost R7 billion in customer deposits, making it the fastest growing bank in South Africa based on customer deposits.
- TymeBank has disbursed more than $600 million (R12 billion) to over 80,000 small businesses in South Africa.
TymeBank, the first digital bank to reach profitability in Africa, has achieved a significant milestone by reaching 10 million customers – less than six years after launching in 2019.
Karl Westvig, who officially took over the reigns as CEO of TymeBank today (1 October 2024), stated: “We’d like to thank our 10 million customers for choosing us. This achievement is a testament to our team’s dedication to providing equitable banking that meets the evolving financial needs of South Africans and empowers them to achieve financial freedom.
“Among our most significant achievements has been getting the business to break even, arguably in record time, while serving the poorest in our communities, a feat that has the potential to change what banks worldwide can do to provide access to customers across the economic spectrum.”
Other key highlights of TymeBank’s growth include:
- The bank now has almost R7 billion in customer deposits. This makes TymeBank the fastest growing bank in South Africa based on customer deposits for the 2024 calendar year – growing significantly faster than the country’s ‘Big Five’ banks.
- It has disbursed more than $600 million (R12 billion) to over 80,000 small businesses in South Africa. The acquisition of Retail Capital, an award-winning fintech company that provides funding to small and medium-sized businesses in South Africa, has been a game changer and integral to the development of the bank’s SME lending offering.
These achievements underscore the bank’s commitment to delivering inclusive banking and funding solutions and its growing reputation as a trusted partner for individuals and businesses seeking to unlock their full potential.
TymeBank, part of the multi-country Tyme Group which is currently valued at close to US$1 billion, attributes its success to its customer-centric approach, robust technology, and strategic partnerships. The company’s innovative products and services have resonated with customers seeking convenient, secure, and user-friendly financial solutions. In several ways TymeBank has changed the face of banking in South Africa, starting with its tried-and-tested ‘phygital’ model, which seamlessly integrates the convenience of digital banking into physical retail ecosystems, while the strength of partnerships with leading retailers such as Pick n Pay, Boxer and more recently TFG, allows the bank to optimise its distribution network.
What lies ahead for TymeBank and its customers
As the bank looks to increase its market share, its immediate priorities include improving the customer service experience and creating a world-class banking app experience to attract a more affluent customer segment, while broadening its offering through strategic partnerships. TymeBank has also entered the consumer lending space, supported by its innovative funding technology. The bank has developed AI tools to accurately predict a customer’s credit worthiness through monitoring patterns such as grocery spend. This is a key pillar for the bank’s personal loan proposition.
To celebrate its latest milestone, TymeBank is running a campaign to thank some of its most loyal customers and those who have been notable advocates on social media with gifts and prizes – the details will be publicised on the bank’s social media platform throughout the month of October.
Tyme Group, now with over 14 million customers, is set to enter Indonesia, the largest economy in Southeast Asia, this month. Tyme will be launching its innovative merchant cash advance solution for small owner-managed businesses in Indonesia this calendar year, following execution of a partnership agreement with a fintech lending licence holder in that country. This comes after the successful launch of GoTyme Bank in the Philippines in October 2022, and its entry into Vietnam earlier this year.
