TymeBank, a South African-based exclusively digital retail bank, announced on Thursday (November 4th) that it had reached the 4 million customer mark by the end of October 2021. The digital bank said it continues to experience rapid monthly growth with more of 140,000 clients per month.
“We are delighted to have reached a base of four million customers in approximately 32 months,” said TymeBank Managing Director Tauriq Keraan. He added: “We have expanded our offering and improved product functionality to ensure that we can offer customers everything they need in one bank account while allowing them to pay little – or nothing – on bank charges, depending on their banking behavior ”.
The acceleration in customer growth, he says, indicates that the establishment is on the right track.
According to the bank’s statistics, more than 80% of new accounts are opened at kiosks while less than 20% are opened online.
TymeBank said its model of partnering with two retailers, Pick n Pay and Boxer, is an integral part of its strategy to acquire customers and drive usage. This initiative has greatly contributed to the bank’s success.
Officially launched in February 2019, TymeBank SA is the first bank in South Africa to put its core banking platform in the cloud.