• Latest
  • Trending
South Africa’s startup TymeBank could break even by 2022

South Africa’s startup TymeBank could break even by 2022

February 27, 2019
Pfizer vaccine only slightly less effective against key South African mutations – Study

Undocumented migrants and vaccination in South Africa question

February 26, 2021
Red Cross postpones aid convoys after Aleppo attack

Syrian migrant sets sights on seat in German parliament

February 26, 2021
R15.5BN PAID BACK TO SOUTH AFRICANS IN TAX RETURNS

R3 billion investment into SARS is warning to taxpayers in South Africa

February 26, 2021

Libyan Prime Minister-designate proposes unity government plan

February 26, 2021
Zimbabwe has begun the process of acquiring COVID-19 vaccines: Vice President

Israel freezes programme to send vaccines abroad, defence minister says

February 26, 2021
Mkhize determined to get to bottom of VBS ‘corruption’

AstraZeneca deal was sealed before new variant in SA: Mkhize

February 10, 2021
Zuma no-confidence motion set for Thursday – South Africa parliament

COVID-19 direct response should form the basis of Ramaphosa’s SONA: ANC

February 10, 2021
J&J applies for COVID-19 vaccine emergency authorisation from SA

J&J applies for COVID-19 vaccine emergency authorisation from SA

February 10, 2021
All systems go for 6th Parliament SONA

Job opportunities will come, Ramaphosa tells labour federations

February 2, 2021
AstraZeneca vaccine to undergo quality assurance checks before rollout: Mkhize

AstraZeneca vaccine to undergo quality assurance checks before rollout: Mkhize

February 1, 2021
Portfolio Committee on Health notes poor record keeping at Tembisa Hospital

Portfolio Committee on Health notes poor record keeping at Tembisa Hospital

February 1, 2021
Algeria says it has discussed with Russia about producing Moscow’s Sputnik V vaccine

Algeria says it has discussed with Russia about producing Moscow’s Sputnik V vaccine

February 1, 2021
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
Sunday, February 28, 2021
  • Login
TP
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
No Result
View All Result
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
No Result
View All Result
TownPress
No Result
View All Result
Home Business

South Africa’s startup TymeBank could break even by 2022

February 27, 2019
in Business, Community
0
South Africa’s startup TymeBank could break even by 2022
161
SHARES
798
VIEWS
Share on FacebookShare on Twitter

JOHANNESBURG – TymeBank, one of several digital-only startups aiming to shake up South Africa’s banking industry, could break even by 2022, the bank’s executives said on Tuesday.

The lender, backed by billionaire Patrice Motsepe’s investment group African Rainbow Capital (ARC), has attracted 80,000 customers since a soft launch in November and is targeting 21 million people it says are not adequately served by established rivals.

Deputy CEO Tauriq Keraan told a presentation on Tuesday that TymeBank, which officially launched this week, could break even in 2022 if it attracted 2.2 million active customers and lent to 6 percent of them.

“We really believe that if we push it that hard it is possible for us to get to those kinds of numbers in that period,” CEO Sandile Shabalala told Reuters, adding that this was earlier than previously expected.

TymeBank can offer much lower fees than rivals because it has no branches and has used technology to cut costs.

Shabalala said the majority of the bank’s income would come from lending. TymeBank was in talks with a major bank to offer a credit card, and planned to launch a separate unsecured lending pilot in the second half of this year, he said.

Customers can set up accounts and get a debit card over 700 automated kiosks in supermarkets Boxer, owned by the country’s largest chain Shoprite and Pick N Pay, where account holders benefit from the store’s rewards programme.

The bank aims to set up kiosks at universities and small, informal shops, and aims to offer more products from other financial service companies backed by Motsepe’s ARC, as well as other partners.

Shabalala told Reuters that, with a customer’s consent, it would use their transaction data to suggest suitable partner products, and could earn a fee from partners in return, a model adopted by digital-only banks in Britain and elsewhere.

Eventually, the bank could be rolled out in other countries in Africa and Asia, executives said.

Comments

Tags: African Rainbow CapitalPatrice MotsepeSandile ShabalalaTauriq KeraanTymeBank
Share65Tweet40Share11Share16Send
Previous Post

Zimbabwe limits dollar sales to foreign payments only

Next Post

Cele: Talking about crime threat posed by illegal foreigners is not xenophobia

Next Post
15 arrested for muggings at Global Citizen Festival

Cele: Talking about crime threat posed by illegal foreigners is not xenophobia

Please login to join discussion
No Result
View All Result
Currently Playing

SAElections2019 Indelible Ink & Election Fraud

SAElections2019 Indelible Ink & Election Fraud

00:01:40

Why would Mampintsha assault Babes Wodumo?

00:00:40

Alph Lukau “raising the dead” is a fraud

00:01:36

Moozlie Mabena involved in a live video crash

00:00:58

Welkom Hijack Man shot in parking lot

00:01:04

Female theft suspects tries to evade guards at Clear Water Mall

00:01:48

Franchise Driver on duty with sex worker

00:00:47

Courageous female driver attack hjackers on driveway

00:01:33

University of Zululand Student stabbed to death by roommate

00:00:41

Vehicle High Jacking on Cedar road, Midrand

00:01:57

Watch thief steal a Hilux in Bloemfontein

00:01:05

Watch Mosque Shoe snatchers in action

00:00:43

Watch these Unbelievable Shoplifters Caught with the Loot

00:03:13

Journalist attacked by EFF Floyd Shivambu and security details

00:00:43

Attempted cash in transit heist by DSTV office in Randburg

00:00:48

KFM Presenters and the Three Rs Blunder

00:00:59

SAPS Higspeed chase

00:01:08

Ruthless home invaders in westrand

00:01:30

Dj Khomza bashes girlfriend with a spanner

00:01:56

Daybreak Robbery in Auckland Park

00:01:15

Fake Police arrested in Johannesburg

00:01:00

#MduduziManana assault video at Cubana

00:00:29

Racial assault of couple at KFC montana

00:01:22

Smart Porsche driver escapes hijackers in Johannesburg

00:00:49

VW Polo Hijack at Kempton Park filling station

00:02:13

Women caught husband cheating and jumps on Carhood

00:02:02

Carlton Centre, Joburg Heist

00:01:06

Did Malema call Mandela a Sellout ?

00:02:01

Petrol Attendant beat up a man

00:01:01

Car Hijack gone wrong

00:02:15

Armed robbery in Alberton

00:00:52

Mother and son in Polokwane attacked by panga wielding robbers

00:02:04

Hyundai i10 Hijacking in Chatsworth

00:00:59

Check more Videos on Youtube

Connect

Connect
TownPress

Copyright © 2021 Townpress.

Navigate Site

  • Terms and conditions
  • About Us
  • Subscription
  • Contact
  • Account

Follow Us

No Result
View All Result
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement

Copyright © 2021 Townpress.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Go to mobile version
This site uses cookies to improve user experience: Find out more.