TymeBank is owned by African Rainbow Capital (ARC), a company within business mogul Patrice Motsepe’s Ubuntu-Botho Investments stable, making it SA’s first majority black-owned bank.
Previously wholly owned by African Rainbow Capital Financial Services Holdings, on 10 June 2019 African Rainbow Capital (ARC) and Ethos Private Equity jointly announced an investment of R200 million by the Ethos Artificial Intelligence (AI) Fund and co-investors (jointly Ethos AI Fund) into Tyme Bank Holdings. The transaction is subject to all conditions precedent being met.
The investment by the Ethos AI Fund in TymeBank will result in the fund being an 8% shareholder in the bank.
TymeBank has formed a long-term strategic partnership with retail giant Pick n Pay, allowing its customers to bank at Pick n Pay and Boxer stores around the country.
The bank already has over 500 kiosks in the market. Once it completes its rollout, there will be approximately 730 TymeBank points of presence, where customers can open accounts, and over 10 000 till points across 1 500 stores, where customers can withdraw and deposit money.
Customers can open a fully FICA-compliant bank account and receive their personalised Visa debit card at a TymeBank kiosk in under five minutes, or they can open an account with limited functionality on the TymeBank Web site.
At this morning’s event, TymeBank demonstrated how a bank account can be opened in under five minutes.
No documents are required to open an account – customers only need their South African ID number and cellphone. The FICA process is completed through the capture and verification of biometric and other data at the kiosk. Once the kiosk issues customers with their Visa debit card, they can transact straight away.