South Africa’s first fully licensed digital-only bank, TymeBank, is due to go live in 500 Pick n Pay and Boxer stores next week. PHOTO: Supplied

DURBAN - Newcomer to the banking sector, TymeBank is officially open to the public after they had a soft launch last year November according to BusinessTech. 

TymeBank has launched with its EveryDay transactional account packaged with a savings tool called GoalSave, a MoneyTransfer solution and the TymeCoach App. 

The app gives consumers access to their credit report free of charge and tips on how to better choices about money. 

The digital only bank is owned by African Rainbow Capital Financial Services. The company falls under the Patrice Motsepe's Ubuntu-Botho Investments stable. 

TymeBank which is South Africa's first fully digital bank has no branches and it is hosted securely the cloud. According to bank, they will expand their current range of products overt the forthcoming months. 

Sandile Shabalala, the Chief Executive of TymeBank said that they are plan to introduce credit products later this year and SME proposition but they are focuse don getting simple and cost-effective banking solutions in the hands of people. 

Shabalala added that their mission is to drive significant financial inclusion by making banking accessible to all South Africans. 

ARC purchased the bank from the Commonwealth Bank of Australia last year November. According to the Deputy Chief Executive of TymeBank, the digiatl bank bought the synergies that are complementary to the existent insurance and asset management businesses of ARC. 

Pick n Pay and TymeBank

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.

TymeBank had a soft launch in December last year where the digital bank went live in 20 Pick n Pay and Boxer stores. Since then ,more than 50,000 customers have already opened a TymeBank account since then.