Digital bank TymeBank reaches 4 million customer milestone within 32 months
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DIGITAL retail bank TymeBank said on Thursday that it had reached the 4 million customers milestone with some 140 000 customers being on-boarded monthly as opposed to about 110 000 previously.
The acceleration in customers signing up for TymeBank bank accounts came at a time when consumers are demanding more value as well as increased transparency in banking fees, the bank said.
TymeBank chief executive Tauriq Keraan said: “We are pleased to have achieved a 4-million customer base within about 32 months.
“We’ve expanded our offering and enhanced product functionality to ensure we can give customers everything they need in a single banking account, while empowering them to pay nothing – or next to nothing – on banking fees, depending on their banking behaviour.
“The acceleration in customer growth tells us we’re on the right track.”
Most new TymeBank accounts were opened at kiosks, and just under 20 percent of new bank accounts were opened online, up from 15 percent since April this year.
TymeBank’s partnership model with two retailers, Pick n Pay and Boxer, has been an integral part of its strategy to acquire customers and drive usage and had significantly contributed to the bank’s success since its February 2019 launch, it said.
Last month TymeBank announced a strategic partnership with TFG (The Foschini Group), a leading fashion retailer with more than 26 million loyalty customers, to meet the evolving financial services needs of consumers in the TFG ecosystem.
BUSINESS REPORT ONLINE