Page 25 - GENIUS MAGAZINE AFRICA 7TH EDITION
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24 banking system is hosted in the cloud, reducing
overheads that allowed it to undercut the other
SANDILE players in the market. The bank’s transactional
account has no monthly fees and charges among
SHABALALA the lowest bank fees in the market.
T hrough a distribution partnership with
CEO TymeBank retailers Pick n Pay [a South African
supermarket chain] and Boxer Superstores,
TymeBank has kiosks located in stores across
South Africa.
T ymeBank, owned by Africa’s eighth I t also points to where the future of banking is
headed. The banker visualizes that banking
richest billionaire Patrice Motsepe’s
will be an everyday kind of thing, “you will be
African Rainbow Capital (ARC) Financial
Services Holdings, launched its EveryDay doing banking wherever you are, in environments
transactional account in February that has a that you never thought you would do banking, like
savings tool called GoalSave, a MoneyTransfer in a Pick n Pay store”.
solution and the TymeCoach App. The kiosks allow customers to open a Financial
Its entry into the market has turned banking on Intelligence Centre Act compliant bank account in
its head. The bank has no branches and its core under five minutes. No documentation required.
banking system is hosted in the cloud, reducing Once signed-up, customers can automatically
overheads that allowed it to undercut the other become members of Pick n Pay’s rewards program
players in the market. The bank’s transactional – Smart Shopper.
account has no monthly fees and charges among Sandile Shabalala believes the bank’s back-end
the lowest bank fees in the market. technology is what has given it the edge in forming
Through a distribution partnership with retailers such partnerships.
Pick n Pay [a South African supermarket chain] By 2022, the bank wants to break even and have
and Boxer Superstores, TymeBank has kiosks 2.3 million customers.
located in stores across South Africa.
But the self-driven banker says the newcomer has
TymeBank, owned by Africa’s eighth richest big ambitions to grow its customer base beyond
billionaire Patrice Motsepe’s African Rainbow that figure. “We didn’t come into banking to be a
second-tier player,” he says. “We have ambitions
Capital (ARC) Financial Services Holdings,
to take this business banking model outside of
launched its EveryDay transactional account in South Africa five years from now.”
February that has a savings tool called GoalSave,
a MoneyTransfer solution and the TymeCoach Where does Shabalala see banking in five years?
He reckons traditional banks will still be there but
App. become more digital.
Its entry into the market has turned banking on To avoid the trap of complexity, the banker says
its head. The bank has no branches and its core TymeBank has made a conscious decision to focus
its energy on emerging entrepreneurs and early
mid-sized small and medium enterprises.
