Tymebank’s target wanted to reach 2 million customers in the next 5 months, however, the South African Digital Bank has reached that milestone way ahead of time. Now with 2 million customers – the African Rainbow Capital’s published a report on 7 October noting that it had added 100 000 customers, adding to 1.9 million customers which were reported by the start of August 2020.
Tymebank’s main target was 2.2 million customers by 2020, but it seems the bank will be having a lot more customers than anticipated. Soon it seems the branchless bank will be competing with the biggest banks in South Africa.
So now that the new target has been met, the bank has set a new target of 3 million customers by the end of December 2020. In the last report, the bank was adding roughly over 3, 000 new customers a day.
In a report, the bank said: “We are also pleased to report that although initial implementation with the Zionist Christian Church initiative ground to a halt as a result of the national lockdown regulations, initiatives are underway to re-ignite implementation plans to onboard a large portion of the church’s six million adult members,”
The bank is pleased that the number of transactions through the bank increases consistently, with R1 billion worth of tractions by April to a massive aggregate deposit flows of R10 billion.
ARC Financial Services contributed a massive R750 million to Tymebank and owns 70.5%. The ARC Fund owns a 49.9% share of ARC FS making the ARC Fund’s interest in Tymebank 35.3%.
The information was sourced by BusinessTech as well as the report from the Tymebank.
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