TymeBank officially launching in South Africa

TymeBank announced that it will launch in 500 Pick n Pay and Boxer stores next week ahead of a formal launch later in February.The bank successfully conducted a soft launch in December, going live across 20 Pick n Pay and Boxer stores.

TymeBank works in partnership with the supermarkets, which offer physical spaces for the bank’s customers to access banking services.

Speaking at the BusinessTech Digital Banking Conference, TymeBank CEO Sandile Shabalala said that since its soft launch, it has signed up over 50,000 users to its digital platform.

He added that the beauty of this system is that TymeBank has extensive physical reach without having to build its own infrastructure.

No more fees or paperwork

Following its launch this month, TymeBank customers will be able to open a full-service, FICA-compliant bank account and be issued with a Visa debit card.

Kiosks in Pick n Pay and Boxer stores have been equipped with technology that uses real-time biometric recognition, eliminating the need for a customer to bring along an ID document or any other paperwork, it added.

The process to open an account takes under five minutes and customers will immediately be issued with a personalised Visa debit card.

TymeBank also does away with monthly fees, account initiation fee, card issuing fees, and fees for the use of the card.

Cash withdrawals at Pick n Pay and Boxer till points are free, but it costs R8 to withdraw at any ATM, and R2 at other major retailers. Cash deposits at Pick n Pay and Boxer stores are R4.

Partnership with Pick n Pay

In addition to providing banking spaces for TymeBank, Pick n Pay has extended its Smart Shopper loyalty programme to all customers of the digital bank.

TymeBank account holders will earn Smart Shopper points anywhere they use their TymeBank card to make a purchase.

When using a TymeBank Visa debit card to pay at Pick n Pay tills, customers will earn double Smart Shopper points.