The South African billionaire, Patrice Motsepe, who’s the founder of ARC (African Rainbow Capital) which is an investment holding company from which he is a majority shareholder, has announced on a Sunday that the ARC’s subsidiary company – Tymebank, has officially partnered with ZCC (Zion Christian Church) – the biggest church in South Africa with millions of members.
Well, according to extensive research – ZCC is the largest in Africa with about 12 million ZCC members, and about 9 million of them are South African with the majority of adults.
According to a report on FIN24, the test run of the product is ongoing – still tested on a few ZCC-members, supported by Zetnet agents. Zetnet is owned by ZCC, however, the company is managed by Shafick Jardine and Trevor Theledi.
Tymebank has already partnered and made key investments with Rand Mutual Assurance, African Rainbow Life, Afrocentric, and Alexander Forbes.
FIN report quoted Motsepe when he said: “All of these investments, along with many others, challenge the status quo in terms of the often relatively high-cost base that makes it very challenging and unaffordable for ordinary people to enroll for financial products or services. It is through participation in the formal economy that people are afforded the opportunities to improve their lives, the lives of their families and their communities,”
The Tymebank CEO, Tauriq Keraan, said ZCC partnership proves the strength of their business model and technology, she said “Our partnership with Pick n Pay and Boxer has allowed us to grow rapidly to over one million customers in nine months since launching and we are still acquiring over 110 000 customers per month through their stores,” and she also mentioned that the partnership will only bring in a number of customers, but “high levels of account utilization”Sign up for our forum today
iBusiness on COVID-19