TymeBank, South Africa's first digital bank, reports that it has signed its 250 000th customer.
The bank soft launched with one kiosk in November 2018 and launched to the public with just over 500 kiosks at the end of February 2019.
26 percent of the bank’s first quarter of a million customers are between the ages of 36 and 45, and 14 percent are aged 46 to 55.
"We’re delighted to see how many of our customers are above the age of 36, as we believe that these are people who already have an existing bank account, who see the value we offer and have taken the decision to give us a shot," said the Chief Executive of TymeBank Sandile Shabalala.
Shabalala added, "Furthermore, 78 percent of our customers have opened their accounts at a kiosk inside a Pick n Pay or Boxer store with 22% having done so on our website. We are really encouraged that we’re appealing to a broad range of South African consumers, those who are digitally savvy enough to open an account online and those who feel more comfortable with a physical touchpoint".
Customers are making full use of the bank’s EveryDay transactional features as well as its unique savings tool called GoalSave. "We offer a transactional account with no monthly fees and the lowest bank fees in the market, at 50 percent less than our nearest competitor. Our GoalSave tool earns customers 9 percent per annum interest after three months, with a bonus that can take customers interest rates up to 10 percent. We can clearly see that our affordability, convenience and attractive interest rates on savings are resonating with South Africans," said Shabalala.
Among TymeBank’s current network of 624 active kiosks, those in Gauteng are leading the pack (34 percent of accounts opened) with KwaZuluNatal coming in second at 16 percent and the Western Cape third with 8 percent.
As far as Shabalala and his team’s view on the bank’s performance since its official launch on 26th February goes, these early numbers "have exceeded our expectations and are very promising". At present TymeBank is opening bank accounts of between 3000 – 4000 customers per day, and Shabalala expects this will soon climb to 5000 a day.
"At just 60 days after our official launch, we are encouraged to see the clear customer trends that are emerging. As our kiosk distribution in Pick n Pay and Boxer stores increases alongside our national marketing efforts, we can expect this momentum to continue so that we are consistently signing-up over 100 000 customers a month," concluded Shabalala.