JOHANNESBURG - TymeBank, one of several digital-only startups aiming to shake up South Africa’s banking industry, could break even by 2022, the bank’s executives said on Tuesday.
The lender, backed by billionaire Patrice Motsepe’s investment group African Rainbow Capital , has attracted 80,000 customers since a soft launch in November and is targeting 21 million people it says are not adequately served by established rivals.Deputy CEO Tauriq Keraan told a presentation on Tuesday that TymeBank, which officially launched this week, could break even in 2022 if it attracted 2.2 million active customers and lent to 6% of them.
TymeBank was in talks with a major bank to offer a credit card, and planned to launch a separate unsecured lending pilot in the second half of this year, he said.Customers can set up accounts and get a debit card over 700 automated kiosks in Boxer supermarkets, owned by one of the country’s largest chains Pick N Pay, where account holders benefit from the store’s rewards programme.
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