Breaking down barriers and rewriting the rules, TymeBank marks a historic milestone: profitability within five years of launch. This bold South African innovator becomes the first digital bank on the continent to achieve this feat, paving the way for a future where affordable, accessible banking empowers all.
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“Globally, only half of the top 100 digital banks turn a profit, and even fewer, less than 5%, reach this point within five years,” explains TymeBank CEO Coenraad Jonker. “Reaching profitability in such a short time is not just a win for TymeBank, it’s a South African success story.”
This achievement resonates deeply with TymeBank’s 8.5 million customers, who have embraced its revolutionary approach. Combining convenient digital channels with accessible in-store kiosks at major retailers like Pick n Pay and Boxer, the bank consistently welcomes 150,000 new customers each month. Jonker attributes this success to several key factors:
- Strategic Partnerships: Long-standing collaborations with The Foschini Group, the Zion Christian Church, and the National Healthcare Group (through TymeHealth) expand financial reach and build trust.
- Financial Inclusion: TymeBank prioritizes affordability, offering South Africa’s highest fixed deposit savings rate (11%) and interest-free Grant Advance for social grant recipients.
- Innovative Products: TymeBank consistently innovates, launching Merchant Cash Advance for SMEs and MoreTyme, a convenient buy-now-pay-later product.
Dr. Patrice Motsepe, founder and chairman of major shareholder African Rainbow Capital, underscores the significance of this accomplishment: “TymeBank’s disruptive force is transforming the banking sector through its unwavering commitment to customer-centricity and accessibility.”
TymeBank’s profitability is not just a financial win; it’s a testament to its pioneering vision. By making convenient, affordable banking a reality for millions, TymeBank is breaking down traditional barriers and empowering South Africans to take control of their financial future. This is just the beginning of a revolution, and the entire continent is watching.
