TymeBank, a South African digital bank, has partnered with The Foschini Group (TFG) to target the retailer’s 26 million consumers in the country.
The agreement will enable the development of a wide range of financial goods and services, including a wider range of insurance and term loan products.
“TFG houses some of South Africa’s most popular and well-established consumer brands and is renowned for its retail strength and strong customer focus. We couldn’t be more excited with our strategic partnership, as we look to expand our reach,” says TymeBank CEO Tauriq Keraan.
“Furthermore, we are likely to diversify the current TymeBank customer profile, as we further extend the benefits of affordable banking, as well as a superior banking experience to the middle and upper-middle market segments.”
Here Is What You Need To Know
- Over 600 TFG- and TymeBank-branded kiosks will be installed in TFG stores as part of the agreement, allowing clients to have direct and convenient access to affordable transactional banking, according to the bank.
- TFG customers will be able to access services like as electricity payments, money transfers, and savings products through the kiosks, the TymeBank app, and other digital interfaces.
- The collaboration is part of the bank’s strategy to work with shops to attract new customers and increase usage.
- The digital-only bank announced in March that it had hit the three million user milestone, as it boosted its kiosks at Pick & Pay and Boxer stores across South Africa to 700.
- TymeBank now has a member base of slightly over 3.8 million, with an average of 110 000 new users joining each month.
“We are truly excited about this partnership with TymeBank, as they are recognised as one of the fastest-growing digital banks globally. The bank has deep expertise in managing a digital ecosystem platform plus related products and services, and I believe TFG’s customers will benefit from an enhanced shopping experience,” TFG CEO Anthony Thunström said.
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A Look At What TymeBank Does
Launched in 2019 by founders Coen Jonker, Rolf Eichweber, Tjaart van der Waalt, TymeBank is South Africa’s first digital bank. In February 2019, the bank launched its EveryDay transactional account bundled with a savings tool called GoalSave, its MoneyTransfer solution, and its TymeCoach App, which gives consumers free access to their credit report, supported by tips on how to make better decisions about the money.
Since its formal launch in 2019, TymeBank has seen a tremendous increase in customers and has reinforced its position locally to better compete with digital-only competitors Discovery Bank and Bank Zero.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
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