News24 Wire
1 minute read
28 Jul 2020
12:20 pm

Patrice Motsepe’s branchless TymeBank reaches 2 million customers

News24 Wire

The bank, which launched in February 2019, said 1.2 million people, or 60% of this customer base, are active customers.

Cosafa backs Patrice Motsepe for Caf presidency (Pic: Moneyweb)

The branchless bank, which launched in February 2019, said 1.2 million people, or 60% of this customer base, are active customers.

When it launched, TymeBank set itself a target to reach 2 million customers by the end of 2020.

“Notwithstanding the strong growth in overall customer numbers, we are in particular pleased with the steady growth in the number of active customers, currently at nearly 1.2 million. We also observe that these customers tend to use their accounts more actively as they become more familiar with the benefits,” said TymeBank CEO, Tauriq Keraan.

The bank said it has been gaining between 110 000 and 120 000 new customers per month, or roughly between 5 000 and 6 000 clients each working day. It has attracted R10 billion in customer deposits to date.

TymeBank said in addition to gaining individual customers, it has onboarded over 18 000 small businesses who are now part of its SME client base. The bank was supposed to launch lending products for SMEs this year, but had to put that on hold because of Covid-19.

For more news your way, download The Citizen’s app for iOS and Android.