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Johannesburg - The Commonwealth Bank of Australia has acquired 100% of South African digital banking company Tyme.
Johannesburg based Tyme is best known for its installation of MTN’s Mobile Money solution in November 2012 in partnership with the South African Bank of Athens and retailer Pick n Pay. Tyme is also a technology service provider to EBank in Namibia.
Tyme has developed ‘know your customer’ (KYC) accreditation solutions that allow customers to open a simple bank account via their mobile phones. Customers can also use Tyme technology to open an unrestricted bank account - with full KYC identification - from a remote location instead of having to enter a bank branch.
Tyme was previously part of a Deloitte Consulting project that was funded by MTN, but in June 2012, the venture was spun out and established as a stand-alone business.
Neither CBA nor Tyme have revealed the value of the acquisition, but the Australian Financial Review has reported that the deal is worth R365m.
“We are delighted to announce that the Commonwealth Bank of Australia (CBA) has acquired 100% of Tyme,” Tyme said in a statement on Wednesday.
“This acquisition is a logical continuation of CBA's strategy to pursue capability led growth outside Australia and one that reinforces CBA's core strength in innovation and technology.
“There is a natural alignment starting with Tyme's vision of financial inclusion and CBA's vision to excel at securing and enhancing the financial well being of people, businesses and communities,” read the statement.
Meanwhile, CBA Chief Executive Officer, Ian Narev, said in the company’s interim results announcement for 2015: "Tyme gives us new opportunities in our emerging markets footprint, as well as providing capability to enhance innovation in our core markets”.
