DURBAN – TymeBank, South Africa’s first fully licensed digital bank, will go live in 500 Pick n Pay and Boxer stores next week in preparation for the formal launch later this month.
This follows a successful soft launch in December when the Bank went live in 20 Pick n Pay and Boxer stores. Over 50,000 customers have already opened a TymeBank account since then.
TymeBank offers customers a full-service bank account for less than half the cost of the nearest equivalent product from any of the traditional banks.
From next week, customers will be able to open a fully FICA compliant bank account in over 500 Pick n Pay and Boxer stores and be issued with a Visa debit card in under five minutes. No documentation is required.
Pick n Pay Deputy Chief Executive Richard van Rensburg says the company has, for many years, been exploring ways to help make banking more accessible and convenient – and lower the cost of transactional banking for its customers. "TymeBank does just that, and we are delighted to be partnering with them on this exciting innovation" said van Rensburg.