There are three major banks in South Africa with digitally-focused offerings that operate without physical branches — Bank Zero, Discovery Bank, and TymeBank.
When it comes to sheer numbers, TymeBank is by far the most popular option, having amassed over 5 million customers in the country by June 2022.
TymeBank’s substantial growth is likely due to its very low barrier of entry — in terms of pricing, eligibility, and sign-up process. Like TymeBank, Bank Zero charges nothing for most of its transactions, although customers do have to pay a once-off fee for their personalised card. A MyBroadband employee previously took Bank Zero’s app for a test run and found the sign-up process was seamless.
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