SOUTH Africa needs innovation and action if it is to do more than just survive.
This is why when local billionaire businessman Patrice Motsepe opened TymeBank, SunMoney took notice.
TymeBank is the first digital bank to launch in Mzansi. The bank offers customers its first service – the EveryDay transaction account that’s bundled with GoalSave, a savings tool, MoneyTransfer and the TymeCoach app that provides free credit reports to users as well as useful money tips.
Sandile Shabalala, TymeBank CEO, said: “We plan to introduce credit services and small business services later this year but for now, our focus is on making our banking as simple and cost-effective as possible.
“We want to make banking as uncomplicated as possible for our clients.”
Being digital means that its offices exist only in the internet which cuts a lot of costs. TymeBank doesn’t charge for card swipes. For monthly fees, they charge R2 for debit orders but offer free cash withdrawals at Pick n Pay and Boxer stores. They offer up to 10% interest on savings.
Already 90 000 people in the country have already signed up for the bank.
- Opening an account takes less than five minutes. It can be done online or at a kiosk located in Pick n Pay and Boxer stores.
- The kiosk is linked to Home Affairs with biometrics so no paperwork is needed.
These are just some of the interesting features about TymeBank.
For more information visit www.tymebank.co.za.
