A new bank has launched in South Africa, that is promoting a new business model of not operating any physical bank branches.
Known as TymeBank, the new bank is available to new clients via its website, smartphone app and select Pick n Pay or Boxer retail outlets.
The financial institution is aiming to offer low-cost banking services with no monthly fees as it claims to pass its huge savings from not maintaining physical branches to its customers.
Personalised Visa debit cards issued to their clients can be picked up from the following Pick n Pay and Boxer stores, for now, is it seeks to increase the footprint:
- PnP Rosebank
- PnP Bedfordview
- PnP Kensington
- PnP Kenilworth
- Boxer West Street
- Boxer Alexandria
An individual with a valid South African ID Number can open an account entirely online. Full functionality can later be activated on the account once the individual presents themselves at a retail outlet for full verification.
According to the bank, TymeBank’s majority shareholder is African Rainbow Capital, a fully black-owned and controlled investment company, making TymeBank the first majority black-owned retail bank in South Africa.
TymeBank is an Authorised Financial Services (FSP 49140) and Registered Credit Provider (NCRCP 10774).