TymeBank – Everything You Need To Know About South Africa’s First Digital-only Bank
It is the first bank to launch in South Africa since 1999 to be exclusively digital, and TymeBank, a digital bank, has soft-launched there.
The bank has opened its doors to customers who wish to open new accounts with the group, despite its limited services and few points of contact.
According to CEO Sandile Shabalala's interview with Bloomberg on Friday, the Johannesburg-based company signed up 1,800 customers in the first week of an unofficial launch. As he sees it, the grand opening will take place at some point in the first half of 2019.
There are no branches of the bank, owned by Patrice Motsepe's African Rainbow Capital, and all transactions are done online (online, mobile, or kiosks).
Through partnerships with Pick n Pay and Boxer, Tyme customers will be able to interact with the bank over time in a physical location.
Here's everything you need to get started:
- Creating an account
- Account Profiles
- Kiosks
- Services
Creating an account
The process of opening a bank account is simple, requires no paperwork, and is completely free of charge.
The bank verifies your South African ID number and South African cellphone number through a series of questions and a One-Time PIN before opening your account (OTP).
When registering, the group will ask you to identify your name from a list of names, as well as questions based on information from credit providers ("Is X rand your average payment on your Edgars account?") or other registries, such as a credit card.
Biometric data can be collected at a kiosk and compared to Home Affairs data, which is linked to the Tyme systems. Immediately, a Visa debit card will be given out for free.
The ability to transact is limited until you visit a kiosk and "upgrade" your account (free of charge) by providing biometric information and registering a residential address.
A free debit card is also included in the deal.
When a new account is opened or an existing one is upgraded, FICA verification is run. The Department of Home Affairs electronically verifies your identification number and fingerprints. Your home address and other personal information are checked against existing databases after you answer a few questions.
Account Profiles
Banking profiles are based on how much the bank knows about its customers. Your account's limits are determined by these profiles.
- As part of your "Just met" profile, you'll be given an EveryDay bank account, a savings tool, a budget, and transaction limits for your account.
- As a result of the biometric data collected at a kiosk, the "Getting to know you" profile offers the above benefits, as well as increased transaction limits, as well as a free Visa card. Pick n Pay's partnership means that Smart Shopper points earned with the card are doubled if linked.
- The "Good friends" profile collects the home address of the person creating the profile. In addition to the aforementioned advantages, it provides six percent interest from day one, seven percent interest after 30 days, and nine percent interest after 90 days. After 90 days, you can earn up to 10% more if you give your employer 10 days' notice.
Kiosks
Currently, Tyme has a limited physical presence through its kiosks, but plans to roll out more as its 2019 launch approaches.
Currently, customers can only find kiosks in the following six stores:
- Pick n Pay Rosebank
- Pick n Pay Bedfordview
- Pick n Pay Kensington
- Pick 'n Pay Kenilworth
- Boxer West Street
- Boxer Alexandra
Services
Overdraft and prepaid airtime and electricity are just some of the additional transactions that Tyme provides. In addition, the debit card is currently restricted to in-person transactions within South Africa; online purchases and international payments are in the works.
The following services are offered on the account:
- Withdrwals
- Deposits
- Sending Money
- Payments (EFT)
- Card Swipes
- Statements
- Pick n Pay Smartshopper points
- Prepaid Products (coming soon)
- Overdraft (coming soon)
