Since its early 2019 launch, TymeBank has amassed 8 million South African customers, with one in five eligible people owning an account.
The digital-only bank says one in five eligible South Africans now has an account.financial institution, has announced a significant milestone as it has amassed 8 million customers since it first launched to the public in February of 2019.
The digital institution also highlighted the fact that one in five eligible South Africans has a TymeBank account, with eligible in this case being anyone over the age of 16, which is one of the requirements for opening up a bank account with the company. “We are immensely proud of the fact that we have acquired eight million customers since launching in February 2019. Our performance reinforces our position as one of the world’s fastest growing digital banks and a credible alternative to the legacy banks for South Africans. This pace of growth also brings us closer to our ambition of becoming one of the top three retail banks in the country,” enthused TymeBank CEO Coen Jonker.
As for some of the challenges that it has had to overcome, TymeBank points to ongoing outages at Home Affairs has proved a hinderance when it comes to verifying customers’ identities during onboarding. Loadshedding has expectedly had an impact too, and while TymeBank kiosks have battery backup, the blackouts affect the operation of stores and shopping centres where said kiosks are located.