TymeBank has partnered with payment solutions provider, Flash to allow customers to make cash withdrawals at 172,000 spaza shops and traders nationwide.
The bank is backed by African Rainbow Capital (ARC) and its founder and Chairman, billionaire businessman Patrice Motsepe.
According to TymeBank, the new partnership with Flash in conjunction with its various kiosks in around 1,000 Pick n Pay, Boxer and TFG stores means that it can offer it offer 9 million customers face-to-face service.
Moreover, this new partnership means that TymeBank has the most extensive cash withdrawal network in South Africa, according to the company.
TymeBank’s chief strategy officer, Greg Illgner, said in a statement that the bank recognises that South Africa is moving towards more cashless options but cash is still very useful to many South Africans.
"While TymeBank supports the country’s shift to a cashless society, the reality is that cash is still used extensively in our communities and the informal market," Illgner said.
"Flash provides an accessible, convenient and easy-to-use cash-out solution, which means TymeBank customers can withdraw cash from a convenient location, reducing time and money spent travelling. They also save on fees, as withdrawals cost less than they would at an ATM," Illgner added.
Sarah Griffiths, the head of marketing at Flash, said that the company’s technology and infrastructure will make operations easier for consumers and businesses
“Flash aims to remove unnecessary barriers. Our technology simplifies operations so that business owners can focus on serving and growing their businesses while providing a convenient service to their customers and communities. This partnership with TymeBank achieves exactly that,” Griffiths said.
How does it work?
If you are a TymeBank customer and need to withdraw cash then you need to generate a cash voucher via TymeBank’s USSD channel (*120*543#) which can then be redeemed at any of the Flash merchants nationwide.
All Flash devices accept the TymeBank Flash Cash voucher. Customers will be charged a fee of R7 to use the service and thi will be added to the withdrawal amount.
Profitability
In January, TymeBank said that that it had reached its first month of profitability in December 2023, less than five years since launching in February 2019.
This made it the first digital bank to break-even in South Africa and on the continent.
“We are extremely proud of our achievement, particularly when you consider that globally, less than half of the top 100 digital banks are profitable,” Coenraad Jonker, CEO of TymeBank said at the time.
“Having achieved our first month of profitable operations in a significantly shorter time frame is a South African success story that our 8.5 million customers can share with pride,” he added.
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