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Tymebank reaches 250 000 customers milestone

Apr 30 2019 21:38

Digital bank TymeBank reports that it has signed its 250 000th customer.

The bank soft launched with one kiosk in November 2018 and launched to the public with just over 500 kiosks at the end of February 2019.

About 26% of the bank's first 250 000 customers are between the ages of 36 and 45, and 14% are aged 46 to 55.

TymeBank CEO Sandile Shabalala said 78% of its customers have opened their accounts at a kiosk inside a Pick n Pay or Boxer store with 22% having done so on the bank's website.

"We are really encouraged that we're appealing to a broad range of South African consumers, those who are digitally savvy enough to open an account online and those who feel more comfortable with a physical touchpoint," said Shabalala.

Among TymeBank's current network of 624 active kiosks, those in Gauteng are leading the pack (34% of accounts opened) with KwaZuluNatal coming in second at 16% and the Western Cape third with 8%.

"For our launch we concentrated on the Gauteng region which is showing in our data. The best performing stores are at the Quagga Centre’s Pick n Pay in Pretoria and Boxer stores in Thembisa, Lenasia, Alexandra and Noordstreet," said Shabalala.

"As we continue to roll out more stores across the country in both urban, peri-urban and rural areas we can expect this distribution to change."

At present TymeBank is opening bank accounts of between 3 000 to 4 000 customers per day, and Shabalala expects this will soon climb to 5 000 a day.

tymebank  |  financial services  |  banking
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