South African digital bank TymeBank adds 130,000 new accounts every month but struggles to add users with active accounts — as people sign up but do not always use the bank.
This is according to an investment report released on Friday by African Rainbow Capital (ARC), which provided shareholders with an update on its key company investments.
TymeBank has experienced tremendous development since its February 2019 inception, thanks to a successful strategy of signing up users through kiosks at Pick n Pay and other retail establishments. The bank has also had success in addressing relatively unexplored markets, such as through a collaboration with the Zion Christian Church (ZCC).
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“TymeBank is maintaining its monthly customer acquisition rate of approximately 130,000.” The bank is also making progress in expanding the number of clients with active accounts, which has proven difficult given the harsh economic backdrop and extra pressure on consumers.
“Internationally, TymeGlobal, located in Singapore, is set to launch a digital bank named GOtyme in the Philippines in October 2022 with its local partners, the Gokongwei family,” ARC stated.
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TymeBankbank announced in May 2022 that, in light of its international growth strategy, it had decided to assign its chief executive Tauriq Keraan to a new international executive role and had contracted Coenraad Jonker, a founding member of TymeBank and executive chairman of Tyme Global, based in Singapore, to take over as CEO of TymeBank.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh