TymeBank was first introduced to South African citizens/customers in 2019, after being founded in 2015. It seems to have only started reaching new heights in 2023, after their slow and steady growth since their debut. Is this a bank that is here to stay or will their approach phase out overtime.
Since their launch, they have accumulated over 6 million users. Some of the credit for this could be given to the simplicity of creating a new account. An account can be created from the comfort of your own home, and after creating an account, you can go and collect your card at one of the following stores: Pick ‘n Pay, Boxer, or any TFG store. You will just need a South African ID
number and your cellphone when you go in for collection.
Aim and Mission
Their aim and mission has been made clear, to offer and allow every South African citizen a right
to affordable and accessible banking. Their main mission involves affordability, simplicity and transparency.
They have made use of promotional campaigns that have since expired, one of these were the triple smart shopper points that TymeBank users would get everytime they swiped their bank cards. Firstly you would swipe to earn the points, and then swipe for purchasing.
It is a well known fact that this bank has no branches, and whilst this could be a call for worry amongst many customers as they don’t exactly have anywhere to go in order to address their worries. TymeBank has assured people that this is only for the benefit of their users as that
means that you will have lesser bank charges to worry about, since TymeBank has no
branch workers or property rentals that they need to worry about paying.
They also included that you stand to benefit from a lump sum amount of 10% total interest a year on your savings, which is more than most banks in South Africa. Sending money has also been made easy by TymeBank as you can send money to any South African mobile number for just
R7 and for free when you’re sending from TymeBank to TymeBank users.
Security and Support
For security, they opted for the OTP option, which stands for (one-time password). This is to make sure that you, the user, are trying to make a purchase or payment with your bank card or bank account.
Should anything go wrong, they have a help centre on which you can see all the most asked questions that they have answered in advance to help you out. Should you still need help,
they have a helpline number (0860 999 119).
Should you need in-person help, you could find this at a Pick ‘n Pay kiosk. There will be ambassadors that are available to help.
Overview
This is a venture that could take time to settle into the minds of South Africans or their target market rather, as people love the idea of knowing that there is a place that they can go and complain. The internet is becoming a bigger part of our lives everyday, we believe there is
a space for this financial organisation as more Africans begin to utilitze digital services.
If COVID has taught us anything, it’s that we should be prepared for the day physical establishments shut down.
The affordability and accessibility could be the driving factor for many that wish to save
money and time. Have you heard of or used TymeBank? Let us know your thoughts
in the comment section below.
